Is Lloyds approaching the bottom of the range?
In my last post I wrote about identifying and trading the range and how the patient trader will be rewarded when a range is in play. lloyds has been ranging in corrective mode since the March sell-off and is now approaching the bottom of the range. It appears to have put in a flat as a B wave (with a C wave failure). If so this is telling us that the market is weak and the lower targets are on offer. A 1/1 extension of the A wave would see Lloyds hit 26.20 pence and a C wave extension would see Lloyds hit the 0.786 of the macro move. This would be an ideal entry for a professional knife catcher! Good luck if you're trading Lloyds.
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