Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The 161.8% expansion of the 8/19-8/30 decline at .8436 has so far marked the top. The 5 wave decline from the April high suggests that the larger trend is down. A 3 wave advance may be complete from the June low.
-Price is little changed on a closing basis since 9/26. The current range is primarily .8225-.8325. Still, even a break above the range faces .8375/80 before the high. Weakness below .8190 would open up .7970/80.
Trading Strategy: Flat
LEVELS: .8192 .8211 .8260 | .8350 .8376 .8435
- Basic Materials Industry