On the 15-minute chart, it looks like we have completed the first wave, and we are now in a corrective phase. However, this correction, despite reaching the level of the previous 4th wave, has not yet retraced 38.2% on the Fibonacci scale.
For an optimal entry, it would be preferable for the correction to extend slightly deeper, ideally reaching the 50-61.8% Fibonacci retracement levels, as indicated by the arrows.
This would provide a more structured setup before considering new positions.
For an optimal entry, it would be preferable for the correction to extend slightly deeper, ideally reaching the 50-61.8% Fibonacci retracement levels, as indicated by the arrows.
This would provide a more structured setup before considering new positions.
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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.