1. Wave (3) likely near completion:
Price hit the 1.618 extension of Wave 1, which is textbook for a Wave 3 target.
There’s also confluence with the 23.6% retracement from the previous swing high (24,703), and we're near a Bearish FVG + Order Block zone.
High-probability zone for a short-term rejection or distribution top.
2. Wave (4) could start today
If Wave 3 is topping into OpEx, dealers might unwind long gamma hedges, contributing to volatility + pullback.
Price hit the 1.618 extension of Wave 1, which is textbook for a Wave 3 target.
There’s also confluence with the 23.6% retracement from the previous swing high (24,703), and we're near a Bearish FVG + Order Block zone.
High-probability zone for a short-term rejection or distribution top.
2. Wave (4) could start today
If Wave 3 is topping into OpEx, dealers might unwind long gamma hedges, contributing to volatility + pullback.
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.
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.