1) Class V-bottom
2) Very high velocity change in momentum, creating a wave in the opposite direction of the previous downtrend whose side is greater than any such waves over the previous weeks.
3) The recent lows occurred with relatively high volume, a strong indication of a capitulation bottom.
4) The new upmove also is occurring with relatively high volume--which, because it's happening as the initial move in a new direction, very probably indicates a major momentum change in a new direction.
5) The wave structure of the previous downmove is clearly corrective.
6) The wave structure of the new upmove is clearly impuslive (motive.)
2) Very high velocity change in momentum, creating a wave in the opposite direction of the previous downtrend whose side is greater than any such waves over the previous weeks.
3) The recent lows occurred with relatively high volume, a strong indication of a capitulation bottom.
4) The new upmove also is occurring with relatively high volume--which, because it's happening as the initial move in a new direction, very probably indicates a major momentum change in a new direction.
5) The wave structure of the previous downmove is clearly corrective.
6) The wave structure of the new upmove is clearly impuslive (motive.)
Note
"class" => "classic"
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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.