SUMMARY
CGG has impulsed in a rush and now the correction has been ongoing for ten years. The ABC correction seems to be complete. The retrace has been very deep to the level of .88 fibzone. Since the most ideal time to buy is at the terminal end of a correction, would you say the current stage is the time to be casting a buy ladder?
Taking a look at the pattern shows a real potential for a rounded price formation (blue arrow). This means that price is likely still in the basinphase which is probably 2/3 complete. Now look at the MACE which is well obedient to the boundaries of the symmetrical triangle lines. A breakout can be expected; but probably not immediate. During such times, slow accumulation is often called for.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
I really like to read these TA on weekly charts as a study cases. They look much more clear.
Thank you!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit