The Four that Refreshes...
Well, it was always going to come... a healthy impulsive wave needs the fourth. It's what you wait for to ride the 5. The modified Schiff median lines are, thus far, framing this impulse beautifully. The stronger the impulse the more likely to see the 4th wave retrace to the 38.2. But we also know that the algos will be buying with both barrels if we retrace the full 50% which, happens to land right between the previous wave 3 and 4. A common target for the 4th wave. Expect a corrective wave in the 4th on a smaller time frame. Rule of alternation likely to be in play. I'm a buyer at the 38.2 with reserves to add if we go to the 50%. Two targets above for a 2-to-1 and a 4-to-1 risk reward for the 1st entry. 7-to-1 for the second entry. Stops placed accordingly for each entry. Not the time to be tentative about entries but keep the money management in place.
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