The 5 Waves appear to be done and we should have a ABC correction now. An ideal turn around would be at the 0.5 - 0.618 Fib level, but it may turn around earlier if the bulls are still active
Going above red zone would mean that 5 waves are not done
Also we reached 50 Day EMA (orange), which will act as resistance, crossing this will give us a target at $350+ where 100 Day EMA is
Going above red zone would mean that 5 waves are not done
Also we reached 50 Day EMA (orange), which will act as resistance, crossing this will give us a target at $350+ where 100 Day EMA is
Note
A & B hitNote
The 1 Hour 50 EMA (Orange) is offering support for now. But notice the bear flag and its target just below $150, this is also place for 50% retracement of the entire rally from $73 to $230Note
The 50 EMA continues to offer supportNote
We are holding above the 50EMA, so is the correction over?Note
here is the bullish idea for the missing 5th wave in case it was not done
Note
and the 50 EMA goes outNote
As the comment in the chart mentions, we hits the 0.4 Fib retracement accurately. Lets hope the correction is overNote
The 5 sub-waves (blue) of the C waave appear to be done . I took some long positions below $160 with SL at $146 (we need to stay above it as per EW rules)We lose this level, then next support maybe 0.618 Fib @$130
Note
We may go down to 0.618 level, here is a possible breakdown of the red C wave into 5-3-5 sub waves. Actual confirmation is below $150Note
Note
sub-waves 3 and 4 (blue) appear to be done. One final drop to 0.618 Fib level? $130+Note
We were expecting the 0.618 Fib level to act as support and it did. But the actual 0.618=$136 and we turned around at $140. This shows the value of laddering in instead of waiting for the precise bottomWe also assumed that there can be 5th sub-wave (blue) pending, but it was already done. The confirmation came when we crossed wave1(blue) at $160.
This is the reason it helps to look at higher time frame charts like 4H and 1Day. Our recent posts (4H & 1Day) pointed to being very close to turn around.
Yesterday's movement was violent and it certainly looks like 3 waves (green) are done, I expect a move to $185+ and a correction/consolidation before a final push to 50 Day EMA@$212
I'm guessing $200 will offer resistance. So take profits and play safe
Note
Note
The 50 EMA (orange) on the 4Hour chart is acting as resistance and not allowing the price to cross
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Follow me for more updates
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youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.