Monday, September 17, 2012

Correction Finished?

Wow! Look at the chart below. Y is 127.2 Fib extension of W. We see a 5-3-5 retrace on ES. A zigzag!

The chart above is a correction of the chart I posted previously to accomodate the zigzag count.

Nothing is to say that we cannot have a double zigzag or even a triple zigzag so keep an eye out for the low of the day.

It would be fun if this becomes a double zigzag ending exactly at the 127.2 fib of the wave currently marked Y. That would set it up for another Wolfe wave and this one to the upside.

I have two spots for '2' of the Wolfe wave. One is marked 'A' in the chart and the other is 'C'. Both of them give the 127.2 fib extension at around 1448 on ES.

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