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Thursday, December 19, 2013 1:44:10 PM
EJ Hourly Adam and Eve Formation
When counting waves, I also like to use other known chart patterns to help confirm what I see.
I've posted this pattern before so I won't rehash all the fine details. But basically, Adam and Eve patterns are counter trend trades. They set up when you get a sharp top (or bottom during a downtrend) followed by a significant retrace and then a rally that forms a rounded top (Eve).
Adam is fast and hasty and Eve is slow and deliberate. Once the Eve pattern kicks in and breaks below Adam's low, she'll travel the distance of Adam.
In this case, once Adam's low of approximately 141.86 is broken, we can expect Eve to move down to approximately 140.84 which is very close to my 140.90 target for this progression inside the current expanding diagonal. I'm sticking with 140.90 as the low though rather than Eve's target of 140.84.
Eve takes a long time to set up so you can't get in a hurry with this things...she hangs around Adam before finally deciding he's not worth a crap and leaves him...LOL!
When counting waves, I also like to use other known chart patterns to help confirm what I see.
I've posted this pattern before so I won't rehash all the fine details. But basically, Adam and Eve patterns are counter trend trades. They set up when you get a sharp top (or bottom during a downtrend) followed by a significant retrace and then a rally that forms a rounded top (Eve).
Adam is fast and hasty and Eve is slow and deliberate. Once the Eve pattern kicks in and breaks below Adam's low, she'll travel the distance of Adam.
In this case, once Adam's low of approximately 141.86 is broken, we can expect Eve to move down to approximately 140.84 which is very close to my 140.90 target for this progression inside the current expanding diagonal. I'm sticking with 140.90 as the low though rather than Eve's target of 140.84.
Eve takes a long time to set up so you can't get in a hurry with this things...she hangs around Adam before finally deciding he's not worth a crap and leaves him...LOL!
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