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Chapter 2. Harmonic Impulse Waves > AMEX Gas and Oil Exchange ($XOI): Daily Ext...

AMEX Gas and Oil Exchange ($XOI): Daily Extreme Bullish Harmonic Impulse Wave @ 0.886 Retracement

This example of the XOI possessed all the ideal elements to validate the Extreme Bullish Harmonic Impulse Wave at an 0.886 retracement (see Figure 2.12). The failed rally of the AB leg preceded the sharp decline that resulted in a convergence of the 2.0 Bullish Harmonic Impulse Wave extension and the 0.886 retracement.

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Figure 2.12.

The structure defined a precise area at 1030 for a short-term bounce at a minimum. In fact, both of these critical harmonic measurements completed within two points of each other. Although the price action required a secondary test of the PRZ, the decisive continuation following the completion of the structure clearly indicated a strong rally at hand.


  

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