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Monday, August 22, 2011

Possible completed triangle formation

I've been W-R-O-N-G on my silver analysis thus far, at least intra-day.  I'm trying to keep an open mind, however, and looking at the pattern on the daily, I'm seeing a possible completed triangle formation.  I really need to work on recognizing possible triangle formations earlier on.  It would have saved me a lot of grief this year so far.

Anyway, below is the daily chart of SLV, and below that the intra day 4H /SI futures.  We could be at or very near a completed formation.  If this is the case, we'll get a correction very soon, and finally get the short play.  The best confirmation will be a violation of the lows of both ((d)) and ((b)) on the daily chart.  I'll try and get short ahead of that by looking for five waves down on the intra-day charts.




Posted by Waverunner (FractalTrader) at 2:38 PM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))