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Strategies & Market Trends : Harmonic Trading with The Phoenix
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To: Michael who wrote (615)5/7/2003 9:20:26 AM
From: the-phoenix  Read Replies (1) of 941
 
Butterflies often extend to 1.618XA / 1.618AB=CD, versus the minimum 1.27XA. Could bounce at 920 or it could extend down to 914ish. Need to see what the action looks like if/when it gets there. If we go straight down to the 920 area, and it does bounce, then I would not expect the bounce to retrace above 927 for now. I would probably not try a long play there myself.

But that is just my opinion.
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