CGG: Major Rounded Price Formation

haejin (87)in #money • 6 years ago

SUMMARY

CGG has impulsed in a rush and now the correction has been ongoing for ten years. The ABC correction seems to be complete. The retrace has been very deep to the level of .88 fibzone. Since the most ideal time to buy is at the terminal end of a correction, would you say the current stage is the time to be casting a buy ladder?

Taking a look at the pattern shows a real potential for a rounded price formation (blue arrow). This means that price is likely still in the basinphase which is probably 2/3 complete. Now look at the MACE which is well obedient to the boundaries of the symmetrical triangle lines. A breakout can be expected; but probably not immediate. During such times, slow accumulation is often called for.

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