nice, still going at the belli took profits on the upper trendline and would now like to make the case for another long term long entry.
http://www.sharetrader.co.nz/showthr...l=1#post380801
the market has come off in aggressive fashion but there are a few technical clues which make provide a low risk entry to the long side.
its a risky trade and a little more confirmation would be good but risk is defined and profit would be huge in relation to risk so worth a look.
from the technical theory i trade with there has been five waves up from the june low which means a 3 wave correction will follow.
the strongest reversal point for the 3 wave correction will occur at the 61.8 fib of the 5 wave move this occured and price respected 1343 a day ago.
looking at the internal wave structure of the correction what i look for is strong fib realtionships between the waves to give my count more credence.
we have C = 2.61 A B= 76.4 A c= 1.61 a v = 1.61 i v = .61 i-iii all within 1343 pivot
so im long from friday 1345 stop loss of 7 points from pivot 1336 with a target of new highs.
any thoughts ??
Bookmarks