Wednesday 26 May 2010

$CHF continued.....It's a Schiff ML











Here is the fork that defined the recent swing high after the bounce late yesterday evening and overnight in Asia. Its a Schiff fork (in blue)but yesterday i used the same wave to make a Mod Schiff ML which also was pretty accurate. Price failed to get to the CL of the charcoal ML set ( which is the pre schiffed fork) so we should be going lower again. Incidentally below is the same set of RL's and warning lines i used yesterday in the downward sell off which still works and i refer to as the 'seed' fork and is now BC in the Schiff ML set. I have seen this before and was always amazed how long these lines continued to effect price action...I guess until we move into a new fork.


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