SUMMARY
Here is the chart for Monsanto Company (MON). Within the blue circle zone, can you discern a pattern? MON has clearly put in a five wave impulse (blue) and now its correcting. This correction is taking quite a bit of time! What type of pattern allows the correction to be extended in time and price?
Here is a bullish ascending right triangle pattern. It fits very nicely into the current correction mode. The red ABCDE also shows that a decline is likely towards the red E before an all time new highs generating bull trend reversal! Look at the MACD! It too is shaping out an ascending right triangle! When MACD pattern matches price pattern, it's special! Would you be a buyer or a seller once price hits wave E?
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
