MFW; a good Fuzzy C example.
A Fuzzy C is the third corrective to 5 impulsive waves. One can use a Fuzzy C as the defining pivot point for technical bias in a chart. If price is above a Fuzzy C the bias is bullish. If price is below a Fuzzy C the bias is bearish. The longer the timeframe, and the bigger the pattern, the more significant it is. Monthly Fuzzy Cs are vastly more powerful than 1-minute Fuzzy Cs. 5-minute Fuzzy Cs are not as significant as daily Fuzzy C’s. Fuzzy Cs are areas where there is high potential for a bullish or bearish moves. Fuzzy C support is support until it isn’t, at which time it becomes Fuzzy C resistance. While price is above a Fuzzy C, look for a bullish impulsive 12345 wave move. While price is below a Fuzzy C, look for a bearish 12345 impulsive wave move. Wash does occur around Fuzzy Cs, where price does not act impulsively, but rather choppy and without clear direction. Wash will, of course, expire and eventually lead to impulsive moves in one direction or the other. Assign bullish or bearish bias dependant on where price sits relative to the nearest Fuzzy C. Remember to use multiple time frames to get a big picture, and always always remember that impulsive counts can fail at any point in time. One should manage an open trade relative to that price action, and adjust stops and targets accordingly.
With all-time highs and all…….I wonder whether wallstrip will feature MFW soon…