SUMMARY
The basin phase is when price moves sideways in near horizontal pathway to pattern out the bottom of the rounded price formation. The below chart shows the rectangle and this basin phase is expected t last a few more weeks. IF the current dimension can be used as a guide, it can be observed that the basin is nearly complete.
This rounded price pattern fits well into the Elliott Waves and in this case the blue wxyxz allows the maximum sideways action. Once the blue Z wave is complete, the right wall of the rounded pattern is expected to occur in an impulsive manner of fives. Would this be a good time to be taking SELL actions or ACCUMULATION?
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!!
--
--
