Saturday, October 2, 2010

10/2/10 - Friday EOD Update #2 - A Fib Confluence (Reverse Fib Technique)

If you were following along on Friday, I was posting calls as I was seeing it unfold. The alternate scenario that I'm watching at the moment is that a wave iv triangle is in the works and subwave [C] of the triangle was playing out. (Please refer back to the EOD post on Friday for context to the above chart.)

If we truly are working on subwave [C] and if subwave B red of (Y) of [C] is complete, a reverse Fib technique shows a Fib confluence at 1137.31 (pretty much dead on) indicating [C] completes here .

The blue Fibs represent the projection for (Y) of [C]. Wave [Y] of [C] = .618* (W) of [C] at 1137.31.

The red Fibs represent the projection for C red of (Y). Wave C red of (Y) = A red of (Y) at 1137.31.

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