EGLDUSD - Finishing the 3rd wave
Hi and welcome back to my analysis channel. It's been a while since I posted my last trading idea and I would like to sart with EGLD since the chart says to us that we should close some positions because wave III is ending its formation soon. The next step is wave IV that will make a correction in the range between 130-160, after which we will be able to enter the 5th wave rally to gain bigger profits.
--------------------------------------------------------------------------------------
The wave V has 2 ways of growth. First one reaches the 200 dollars resistance level, since according to Elliott Waves Theory, the extension in 3rd wave determine approximately the same size of waves 1 and 5
The alternative count says that wave V could reach 1.618 of w3, which is less probable. I think in this case we should follow some fundamentals in order to see if the EGLD has a basis strong enough to break some key levels and to grow bigger than the perfectly formed 3rd wave.
Thus the clearer image will be available at the start of that 5th wave
--------------------------------------------------------------------------------------
I would also like to notice that the purple arrows you see where a prediction made by me without publishing it here. This is a good example of how useful can Elliott Waves Theory(EWT) be in predicting market moves.
Good luck in your trading / investment decisions guys. Like / comment / share to support my ideas if you like them
stay tuned ;)
--------------------------------------------------------------------------------------
The wave V has 2 ways of growth. First one reaches the 200 dollars resistance level, since according to Elliott Waves Theory, the extension in 3rd wave determine approximately the same size of waves 1 and 5
The alternative count says that wave V could reach 1.618 of w3, which is less probable. I think in this case we should follow some fundamentals in order to see if the EGLD has a basis strong enough to break some key levels and to grow bigger than the perfectly formed 3rd wave.
Thus the clearer image will be available at the start of that 5th wave
--------------------------------------------------------------------------------------
I would also like to notice that the purple arrows you see where a prediction made by me without publishing it here. This is a good example of how useful can Elliott Waves Theory(EWT) be in predicting market moves.
Good luck in your trading / investment decisions guys. Like / comment / share to support my ideas if you like them
stay tuned ;)
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.