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Targets and Stops – Previous fourth retracement

Mukul Pal · July 19, 2010

One of the most effective target calculation techniques is based on the previous fourth retracement. According to Elliott, prices move in a five wave structure and after completing such an impulse, prices tend to retrace at least till previous fourth levels. This is why after a peak or bottom, the respective levels become an important target to watch. We illustrated here an anticipated and happened case related to the previous fourth retracement on the Indian market.

Daily.Rom – Advance/Decline 17/20
Waves India – Head and Shoulders formations

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