IF we are in the correction phase:
We could be entering wave C, which generally extends 1.6 of wave A. Looking at a price range of between 1300-1700 for a bottom. If it doesn't go below the black line, acceleration in the opposite direction will usually happen.
Comparing the volume in the short term bull and bear trends since the top, it does provide evidence for a correction. However it might also be possible we entered wave 4, but this theory will get falsified soon as the retrace is going beyond top of wave 3.
We could be entering wave C, which generally extends 1.6 of wave A. Looking at a price range of between 1300-1700 for a bottom. If it doesn't go below the black line, acceleration in the opposite direction will usually happen.
Comparing the volume in the short term bull and bear trends since the top, it does provide evidence for a correction. However it might also be possible we entered wave 4, but this theory will get falsified soon as the retrace is going beyond top of wave 3.
Note
According to elliot waves, there are 2 possibilities left:1. We are in an extended flat correction:
This means that the B leg will make a higher top than the start of A, and which will result in making a lower low below the end of leg A (1700~). After that the trend will remain bullish. I will be shorting once we go below 2700.
2. we are still in the impulse waves and the correction we had was just a retrace.
This will mean, I has no clue of how much farther we can go.
I think we should get a small retrace soon, and let's see if it really bounces or breaks through 2700,
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.
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.