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Tuesday, September 6, 2011

USO new upside target

USO completed an A-B-C push down for subminuette wave d this morning at 7am just before the market opened.  The final wave e up of the contracting triangle should be underway.  I have 34.96-35.21 as my target area, which is where e will be 61.8% of c, and the upper boundary of the triangle connecting a and c respectively.
I'll be going preemptively short on a move above 34.96. I should note that my higher degree count has this whole triangle consolidation being minute wave ((iv)).  As such, it cannot overlap wave ((i)) at 35.16.  I can put my stop at 35.16.  This is a pretty tight range, if I can get into this trade, losses should be minimal if I'm wrong.

 9/6 9:10 PM
Update: moved short entry to 34:88

Posted by Waverunner (FractalTrader) at 11:37 AM

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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))