Market TAO Fib Study 10-08-09 Thurs

Once you learn to use Fibonacci Arks, Fans and Time studies , they help to identify when to expect a turn in the price action... Here we can see mirrored movement from the 1080 high to the low and back up.

Read up on these tools and take time to plot them correctly.

Today we are in a confluence of fibs and I expect we will see the red path to play out in the next 5 days....

I also plotted out the possible up side path in case price breaks above the high of today.

Market TAO EOD 10-05-09

This is a Fibonacci Time and Arc Study.

Looking for confluence of lines and found a correlation at the AM open Tuesday Am 9:30 est.

This would be the top of wave 4 .

But if this current wave continues higher then we are not in a w4 ....it is something else.
Possibly a sideways series of ABC Zig Zag pattern waves typical of a large consolidation structure.

So far the move down from the high of 1080 to the low of 1020 is a big ABC Zig Zag Pattern.

The current wave could be an "A" wave or a 4 wave either way we could see a move to the lower purple trend line where we could see one of two possibilities play out as illustrated on the chart.

A bounce or a pulse down to complete wave 5.