A follow up on my last charting post on the 1 March. AB asked me for one on another SPL thread.
From my last post in Italics and bold..
"BiggerA wave starting Mar 2020 at 0.615 to 2.52 in the second week of Feb. Using 0.615 - 2.52 to determine the Bigger B wave retracements yielded Ret23.6% = 2.07 , Ret38.2% = 1.79 . So today we set a low of 2.02 and if that holds as the low we have a B wave of 2.52 - 2.02 (which was a 25% retracement pretty classic) since that low today we have move back into the 2.20s so far.) that's what drew my attention today."
Update on the Bigger A and B waves
Looks like my hopes of the B wave retracement only down to 2.02 (roughly a 25% Ret didn't hold) . Today we set a new B wave low of 1.86 so far.
I expect that more can follow and the RET 38.2% =1.79 is very possible and it is not that unusual from an A wave going from 0.615 to 2.52 retracing 38.2% actually more likely than not. In my last post I didn't include the Ret50% = 1.56 as an option . I think its unlikely to reach 1.56 but can the gap at 1.65 -1705 get filled. that's about a 45% retracement and it is plausible . I don't trade or play games with SPL so it really doesn't affect me as I am focussed on what's a head.
I'd bet "HappyT's house on the gap getting filled, but not mine. Not all gaps get filled.
Looking at the weekly charts the 10WMA is still rising and for this week is at 1.85. I suspect that its is likely that the weekly hi-lo candles will trade across this 10WMA. Its only a bearish signal if the weekly candle trade entirely below the 10WMA.
Not going into to much more depth at this stage but in the coming 9 days tradiing in the 1.70s to 1.90s would not surprise me at all.
Just the way I deal with the markets so as not to be surprised, as always DYOR.
cheers Lies.
SPL Price at posting:
$1.90 Sentiment: Buy Disclosure: Held
