LOOKING TO BUY FROM WAVE C OR BUY IF PRICE REACHES A NEW HIGH(BREAK THROUGH WAVE 5)... THEREBY MAKING MINOR WAVE 5 A PRIMARY WAVE 1 WITH THE ABC BEING PRIMARY WAVE 2
Note
AFTER THE FORMATION OF MINOR WAVE 5 TO FORM MAJOR WAVE 1, PRICE ENTERED AN ABC CORRECTION PHASE. AFTER THE FORMATION OF WAVE A, WAVE B MADE A NEW HIGH GIVING A HINT THAT AN IRREGULAR FLAT CORRECTION IS LIKELY TO HAPPEN. HOWEVER THE DIFFERENCE BETWEEN THE BEGINNING OF WAVE A AND THE ENDING OF WAVE BE WAS VERY SMALL SO I IGNORED IT, THEREFORE EXPECTING A FLAT CORRECTION. APPARENTLY I WAS WRONG. FOR AN IRREGULAR FLAT, WAVE C IS EXPECTED TO EXCEED THE END OF WAVE A AND THIS IS EXACTLY WHAT HAPPENED(THEREBY FORMING A MAJOR WAVE 2 AFTER THE 5 MINOR WAVE 12345. SO WE CAN EXPECT A NEW BULLISH TREND TO HAPPEN. HOWEVER WE MUST APPROACH THIS WITH CAUTION SINCE PRICE CAN ALSO GO FURTHER DOWN PROVIDED IT DOESNT OVER MINOR WAVE 1 OF MAJOR WAVE 1( WAVE 2 CANNOT EXCEED 100% OF WAVE 1 AT PRICE 1.70618 AND BELOW). THE ONLY WAY WE CAN KNOW FOR SURE THAT THE CURRENT DOWNTREND HAS ENDED IS TO SWITCH TO THE SMALLER TIME FRAME( SAY 5MINS AND CHECK FOR AN UPWARD ELLIOT WAVE STRUCTURE). THIS IS AN INDICATION THAT WAVE 2 HAS ENDED AND A NEW BULLISH WAVE IS IN TOWN
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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.