Max Wave C on a TS2

[falconer]

On last night's EOD scan, June Heating Oil presented an ABC correction with a blue reversal bar at the max wave C target area. In reviewing part two's discussion of WPTs (in the neighborhood of page 30), it seems that the Max C area is only to be used for TS1 setups (larger degree wave 2s): is my reading of this correct?

In addition, is the min wave C considered usable in TS3 and TS2 only?

Thanks for the help.

Chris

[Steve Griffiths]

Hi Chris,

Please email support@MTPredictor.net they will answer this for you.

Thanks

Steve

[Matt Bowen]

Hi Chris,

When I read your note I said... whooa, what's he doing on June Heating Oil? I mean if you are looking to put on a new position the front month is July. If you are adjusting an Option or Spread then I can understand...

To answer your question...

In reviewing part two's discussion of WPTs (in the neighborhood of page 30), it seems that the Max C area is only to be used for TS1 setups (larger degree wave 2s): is my reading of this correct?


Yes, the "Max wave C" is only to be used with TS1 trades. The reason for this is pretty simple, Wave 2 is usually a violent corrective wave that retraces to at least a 50% correction or more and this happens over 65% of the time (just an old fibonacci fact).

Hope that helps,

Matt

[falconer]

Thanks Steve, I'll email that note...

Thanks Matt for your reply -- the retracement info helps alot.

As always, thanks for your input.

Best regards,

Chris