In my last analysis, I used the 15min chart to analyze price patterns and was lucky enough to be right and price ended up reaching the PT target that I had estimated for the end of wave 2. HOWEVER, looking at the charts now in the 1hour timeframe, the pattern price is making is giving the impression that i was actually incorrect in my last analysis.
As a recap, I do believe that this retracement that happened is the last 2-3 months are near its end and that this pump from Sunday was the signal for the beginning of a new pump cycle (Wave 1).
This is my current thesis on where price my end this Wave 2 of this next bull cycle:
I expect price to have another pump towards .95 but will follow with a rejection towards .76 and eventually .70. A possible invalidation will be if price breaks above 1.033 and holds.
Remembering that a retrace to 78.6% usually indicates that Wave 3 will be powerful.
*This is not financial advice. This is my attempt of practicing and learning about Elliot Waves. Please let me know how I can improve*
As a recap, I do believe that this retracement that happened is the last 2-3 months are near its end and that this pump from Sunday was the signal for the beginning of a new pump cycle (Wave 1).
This is my current thesis on where price my end this Wave 2 of this next bull cycle:
I expect price to have another pump towards .95 but will follow with a rejection towards .76 and eventually .70. A possible invalidation will be if price breaks above 1.033 and holds.
Remembering that a retrace to 78.6% usually indicates that Wave 3 will be powerful.
*This is not financial advice. This is my attempt of practicing and learning about Elliot Waves. Please let me know how I can improve*
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.