Waiting for cycle end
We are presently watching end of intermediate cycle - 5 waves impulse has possibly reaching now the bottom of (4)th wave - price has reached range of (2)nd wave and 161,8% of A/1 wave. I am expecting here to start wave (5) to reach new highs next week.
Next scenario is after breaking out current (4)th wave bottom level (155.619) to reach (1)st wave top, 38,2% ret. of higher frame cycle ((1)) - ((2)) - last levels to end ((4th)) wave.
Last scenario is after braking out 200% or A wave (154.01) that will show us new short term 5 wave downtrend (A = 1, B=2, C=3), which could decrease price to new lows (((2)) bottom).
Next scenario is after breaking out current (4)th wave bottom level (155.619) to reach (1)st wave top, 38,2% ret. of higher frame cycle ((1)) - ((2)) - last levels to end ((4th)) wave.
Last scenario is after braking out 200% or A wave (154.01) that will show us new short term 5 wave downtrend (A = 1, B=2, C=3), which could decrease price to new lows (((2)) bottom).
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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.