| Below is a modified Schiff ML. As you can see the starting point is not
under the top close of 12th September, but at the half way mark of the
line sloping from that high to the low close on Oct. 23. And it bisects
the distance between the close of that date and that of the next P of
high close on Nov 13th. You notice that the low on Dec. 16 reversed the
trend when it nearly touched the modified Schiff ML. Next you see that
there is always a reversal or gap when prices reach any of the WLs.
Note that the usual Schiff ML calls the first low P on Nov 28 and the
modified ML indicates the low area on Dec 16th. But prices tend to
Pivot when meeting any of these ML. But doesn’t the slope of coming
trends more closely follow or H that of the mod.ML. |
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