- In Trading Thoughts / Economics
- Last Updated: 16 November 2013
- By Gary Caumont
The triangle is still in play but bulls seemingly have the advantage- see the following 16day 30min chart.
From the 2811 low, we have completed a subwave one 5 wave move up to 2949 which completes wave 1 up to 2985 in bold. Wave 2 down in bold completed at 2936 which confirmed the 2949 target and started subwave two which now has waves 1 and 2 complete with a wave 3 target of 3052. A break below wave 2 at 2958 cancels the 3052 target. Wave 1 start in bold at 2811 to the center of wave 2 in bold at 2960.5 projects a 3110 wave 3 in bold target. A break below wave 2 in bold at 2936 cancels the 3110 target. Notice that the triangle also targets the 3110 area if we get a topside break early next week.