With the first signs of corrective waves appearing in on the hourly charts in the top formation, we can assume that the top is in. Significantly overvalued after this parabolic move. From my count, it was the minor wave (5) that extended.
The retrace could take a long time, but there are many gaps to close. Of course, additional pumps are possible, but scaling out at these levels is probably a good strategy. That is my play, at least, and I am looking to accumulate again in a few months.
Theory says that corrections within the same impulse wave typically retrace into wave 4 of the lesser degree. No by coincidence, wave 4 of the lesser degree is the exact FIB 0.618 of the motive wave that is now finished. I need to assess over time, but perhaps the 0.5 area is a decent place to play for a bounce.
Trade safe!
PS. I've measured, and wave 3 is slightly longer than wave 1, even if it looks to be shorter.
The retrace could take a long time, but there are many gaps to close. Of course, additional pumps are possible, but scaling out at these levels is probably a good strategy. That is my play, at least, and I am looking to accumulate again in a few months.
Theory says that corrections within the same impulse wave typically retrace into wave 4 of the lesser degree. No by coincidence, wave 4 of the lesser degree is the exact FIB 0.618 of the motive wave that is now finished. I need to assess over time, but perhaps the 0.5 area is a decent place to play for a bounce.
Trade safe!
PS. I've measured, and wave 3 is slightly longer than wave 1, even if it looks to be shorter.
Note
Right on schedule...Note
Targets were correct, but count was still wrong. We've seen the completion of the A wave, and are now preparing for an equally volatile B wave. If investors did their homework, this won't go too high. FIB 0.5 would be more than enough. But unfortunately, not many investors do their homework.
Note
Spot on with the B wave.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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.