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Friday, March 04, 2016 8:40:34 PM
GJ 4 Hour and Daily Charts
Since it's quiet now and the market is closed for the weekend, I'm going through and updating some charts. Starting with the Beast.
I went back through the daily chart and realized that we've already hit a Wave 5 bottom and a 1-2 retrace. It's just now finishing a new minor Wave 1 up (small red #1).
That small red #1 is equal to the 5 wave movement we have on the 4 hour chart. So a nice dip this next week is pretty much in the cards.
So we need to see a small Wave 2 back to form the final bottom (2 of 2). So the likelihood of one more daily low is still pretty good. After that, we need to switch to long positions.
4 hour chart first and then daily...
Since it's quiet now and the market is closed for the weekend, I'm going through and updating some charts. Starting with the Beast.
I went back through the daily chart and realized that we've already hit a Wave 5 bottom and a 1-2 retrace. It's just now finishing a new minor Wave 1 up (small red #1).
That small red #1 is equal to the 5 wave movement we have on the 4 hour chart. So a nice dip this next week is pretty much in the cards.
So we need to see a small Wave 2 back to form the final bottom (2 of 2). So the likelihood of one more daily low is still pretty good. After that, we need to switch to long positions.
4 hour chart first and then daily...
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