For those who are familiar with my charts here’s another missed"...

For those who are familiar with my charts here’s another missed" BFS" setup (refer to WaveTrend chart shown below).  Should have entered back on 04/07.  I guess I shouldn’t be too hard on myself seeing I didn’t have the setup rules finalised and the scan working back then.



The question now is whether the recent retrace presents another high probability setup?  Well the WaveTrend indicator has now pulled back from the overbought area and looks like turning up again. So I guess the answer is yes!

Now referring to the Trend Momentum chart shown below, the SP is in a new uptrend.  The SP bounced off the level of the Close of the Very High Volume candle of 04/07.  This level, i.e. 10c, represents strong support and it is also the current level of the longer term blue MMAs on the chart.  Momentum is still positive.  The shorter term cycle indicator (stochastics) have turned up but the longer term cycle is still headed down suggesting caution.



Anybody like Fib projections.  The Fib 100% target on a new impulse move is around 25c and the Fib 127.3% target is around 29c.  Both these levels correspond nicely with previous SP highs.

I’ll be watching closely for confirmation of a new impulse move.  I’ll probably wait for the WaveTrend indicator to cross up again and for a confirmed break above the 13.5c to 14c level, i.e. the current 3 bar pivot and the 1ATR short stop levels.

Good luck everyone – and remember to DYOR!