Monday, June 9, 2014

Lumber wave 5 completed?????

Looks as if July Lumber has completed or close to completing the 5th wave down of the C leg as a clear 5 wave pattern is seen. 

On the weekly chart you can see that a push down to 290 would be very possible where wave A would equal wave C  if this is playing out to be a wave 4 triangle.  ( you can see this better on the weekly chart below )   the 200 day moving avg on the weekly chart comes in at 296 n change .  my  targets if a wave 4  triangle would be around the 365 area in a D wave. My only requirements for this trade is we must not move into the price range of 270.20 

Weekly Lumber chart


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