SLE

Thanks Jackozy - If you wouldn't mind playing teacher!

So if this was just an untidy 3 wave correction = potentially 5 waves up of a wave 3

If it was a 5 wave move then possibly we are in an upward ABC correction where it is still possible that Wave C could extend beyond the preceeding Wave 4 down?

How do you determine the difference? As I am not sure I know what to be looking for

As you say, it hit the gap (which I forgot about) at the 78.6% Fib. My only concern now with this is that the drop looks like 5 waves down.

We'll have to keep an eye on the form of this rise as it could be a correction upwards.

Well this broke down through 5.8 - Altghough appears to have bounced having closed the Gap.
So hoping that was the bottom of wave 2

PS Note the inside bar from yesterday - again this signals the uncertainty. Is it a triangle wave 4 or part of a new wave up?

It's a classic place to have an inside bar.

The key levels on SLE are 5.8p to avoid a 5th wave down and 6.75p to break the first low. If this is bullish then it should have the following count:



dl.dropboxusercontent.com/u/20815047/FTS...SLEdaily11_06_13.gif

screencast.com/t/0jNrpT5f5kO

Is this the early formation of an inverted H & S?

It has completed a 3 wave move down following the 5 wave move up - just unsure if it has bounced off any significant support and volume still weak. Any views?