Bez said:I would like a pull back to a fib ratio measured from point (8) to point (9) but no lower than point (8)'s low as this was the last Medium delta turn point ( 12337) . If it breaks that it means a high frame is in and I would have to re assess things.
We are due a medium delta point high around this week ...so that INDU EW count would fit very well to have the next Medium delta point low on the 8th+/- of March as a wave 4 low.
It quite rare to have more than 9 waves on a higher degree daily time frame & the 261.8% extention is a classic wave 3 target so this area (+/- for stops) will catch the eye of the techincal traders now this months buy options expiration is out the way....
Update on the weekend post & a chart to help....