This must be a multi-zig zag corrective setup. X1 retraces perfectly to the .50 of Wave W. The C waves are hitting fib levels of the As.. it looks promising.
The question currently is whether a double or triple zig zag is completed, and what that means for the larger count. The previous move before this seems to be a sideways double combo which could potentiall be a Wave 2 of an impluse or the A wave of a Flat.
The multi zig zag can either be a leading diag of a wave 3, which would setup a huge move up, or it could be a Wave B of a flat which would need a Z Wave to solidify.
With a higher Wave Z up, you can see a large cup and handle or inverted head and shoulders pattern.
Let me know what you think
The question currently is whether a double or triple zig zag is completed, and what that means for the larger count. The previous move before this seems to be a sideways double combo which could potentiall be a Wave 2 of an impluse or the A wave of a Flat.
The multi zig zag can either be a leading diag of a wave 3, which would setup a huge move up, or it could be a Wave B of a flat which would need a Z Wave to solidify.
With a higher Wave Z up, you can see a large cup and handle or inverted head and shoulders pattern.
Let me know what you think
Note
Moving as expected. This could be the X2. With the completion of this wave in the target blue box, we can look for the beginning of a Wave Z. We could potentially be complete with a Double Sharp ZigZag (WXY) or a triple (WXYXZ) at the end of Wave Y
Note
In the above picture, I forgot to mention we're looking for at least a 100% length for the Wave C compared to the Wave A of X. We could see other fib levels (1.272, 1.318, 1.618). I'd personally like to see it down to the bottom trendline which would solidify my channel for WXYXZ. Channel is drawn from beginning of W to end of X2 and a parellel across the end of Y.Note
Fibs are lining up nicely. Wave X2 target is in line iwth the 1.618 ext of X1 as well as the 1.618 of Wave A of X2. If this shoots downward, I'll have to reassess my count. This should touch the trendline and head up for Wave Z if this is indeed a triple sharp zigzag formation.
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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.