Lloyds update
In a recent post I outlined my expectations for Lloyds and my bias remains. As you can see I am anticipating a combination correction. I have this in mind due to the wave extension which we experienced in early April. Whenever you have such an extended wave like this you should anticipate a complex correction (complexity always precedes or follows a wave extension). In this instance I have a W,X,Y correction. In a W,X,Y each wave will have a standard pattern, here I have W wave as flat correction (the is a Fibonacci relationship between wave A and C) and I am now anticipating a 3 wave move to bring Lloyds to the range lows. I'm currently long from the 0.786 and targeting the monthly.
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