After wave i and wave ii were through a baseline for wave iii was marked with the dotted TL
PA never broke through it, this could signal we are forming a corrective wave and not an impulse
But instead we had a larger LD
Very similar to the one of subwave I
Since target of following wave ii was fib 0.5
We could expect a reversal here
The key element why I am still looking at target to the upside is based on those similitude between wave (i), wave i and now wave 1
But a test of fib 0.236, which is also the bottom of wave ii is a potential target for a wave 2
Even a retest of the daily sma 100 near 100% correction is an option and wouldn't invalidate this count
An aggressive entry would be between fib 0.236 and 0.382
A more conservative one, at 1.77 with a stop loss at the above mentioned levels.
PA never broke through it, this could signal we are forming a corrective wave and not an impulse
But instead we had a larger LD
Very similar to the one of subwave I
Since target of following wave ii was fib 0.5
We could expect a reversal here
The key element why I am still looking at target to the upside is based on those similitude between wave (i), wave i and now wave 1
But a test of fib 0.236, which is also the bottom of wave ii is a potential target for a wave 2
Even a retest of the daily sma 100 near 100% correction is an option and wouldn't invalidate this count
An aggressive entry would be between fib 0.236 and 0.382
A more conservative one, at 1.77 with a stop loss at the above mentioned levels.
Note
there is now a tiny divergence showing on M15 and smaller TFand we are right in between those fibs
Note
first target in blueNote
Well that was wrong....Anything in the blue triangle is a buy.
Could see a fake break out toward S3
Historical rising support TL in bold black is near
I'm still convince we have started a new bull market, if this is a wave 2, seeing a "oh no, there we go again" psychology is a good fit.
Note
One of the target was hit
Fell shy of the following one
But creating a divergence from it
PA could reverse back up to pivot
If orange TL breaks
Target 1 would be right in the blue zone, near fib 0.236
With target 2 just underneath as the final one from the HNS
Note
Orange TL broke, getting close to the target.
Slooooowly...
Note
both targets met, got into the blue buy zone
broke out of down trend chanel
RSI turning positive on H4
First target in black near fib 0.5
Just above weekly pivot, expecting a bit of consolidation there
But if this is indeed a wave 3, i'm only expecting shallow corrections all the way up to the top of wave 1
Wouldn't trade those but instead raise my SL progressively, and split it in between 2-3 different level to avoid stop hunt
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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.