Still looking higher
Updated
Not financial advice, only commentary. Still looking higher. If entire structure from all time low is corrective, need to see a second completed 5 wave structure (labeled large C) to finish it off and have not seen that yet, which is why I'm looking for much higher. Recent retracement has morphed structure into an abc inside of a iii - b finishing soon with a very strong c on deck. $24-$91 expected target. Very large skew and excellent trade. Absolutely should not put more money down than you can afford to lose. If sub $.35, something else is going on and high probability that whole pattern is bust.
Note
Expanding on whether or not LRC topped. To complete a corrective structure, it must complete with five waves ie c wave. Typical c wave equals anywhere from the .764-1.618 of wave a. It also must be proportional to the degree in question. So by looking at the entire existence of LRC, you can clearly see a 5 wave structure up from the all time low, labeled 0 to A or 1. That took about 2 years to complete. This was followed by a healthy retracement labeled B or 2. After this retracement, there is a clear 3 wave structure. Is that the top top? Highly unlikely because not only did it fall very short of the .764 extension of the larger A/1, but its not proportional either. Anything can happen, but probability terms, which is all that matters, I just don't see this being topped yet.Also, zero divergence was presented on the MACD, not even on the 4hr chart. Typically you'll get the highest MACD in wave 3, followed by 4 that drops the MACD down low enough so that when wave 5 comes it shows -div. Haven't had that yet. As you can see, the MACD is beneath the floor, so that when the next high comes, you'll then see -div which raises probabilities this thing is atleast hitting a temp top.
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Only 3 up, but may be trying for 5. If it fails, one more low on deck.Note
Working on v? If so, should start moving soon. Good sign if it can complete 5 waves in the larger degree off last weeks low.Note
Failed to follow thru on micro chart. Bummer. Wave iv is getting very long in the tooth and out of proportion. Suspect more chop and/or that dreaded OML is coming.
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