The price reacted to the 0.236–0.272 Fibonacci level, effectively marking the end of the WXYXZ correction. However, for a Wave 2, this represents a relatively shallow retracement implying that alternative scenarios must remain on the table. This could still be an unfolding flat structure (3-3-5), with Wave A forming as a triple zigzag though this is less likely. A more probable outcome is a zigzag (5-3-5), which would require a sharper corrective move. Another possible structure is a double zigzag (WXY).
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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.