tgi friday, page-56

I find one aspect of Laundry's work perplexing.

He suggests that the second correction (this one) as a full channel pullback as against the first pullback in June/July(a half channel pullback).

That seems to indicate an overbalancing of price. ie., a bigger pullback than the first correction.

Most would regard that as a sign the upmove is over, not that another leg would commence and move to new highs.

The only way I can make sense of that is that any new upmove is of a different degree. ie., we had an ABC up and the pullback is an X wave leading to another ABC up.

So far this pullback is 72.1 pts v 88.8 pts based on CMC 24 hr trading and no over balance.

Any views?