Bullish wolfe wave in RIMM that has a couple of things going for it;
- Strong Volume
- a gaped-down hammer candle
- a higher low than the previous swing lowSeen in a clearer light, price is at the bottom of a small downward-sloping channel, where we can plainly see symmetrical cycles of similar length (Regular Cycle 9-bars, Inverted Cycle 7-bars, and most recently an Inverted Cycle which is, so far, 8-bars in length).
Further illustratedThe price target for the next Inverted Cycle (should price not take out the current low) would be the top of this current channel, around $54. While the Wolfe Wave target is up towards the gap fill area ($57ish).
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.