ONT 146% Trade potential and just can't seem to stop
A lot of information in this chart but the potential for a big trade here.
First lets talk about Wave 3 subwaves
Wave 3 was extended so we should assume a .786 extension of waves 1-4. ONT reached just above this mark before starting its wave down so the count is very likely to be correct here.
Now the primary waves
Wave 3 did not reach the 1.618 extension of waves 1-2. This is incredible considering ONT's run this far. Wave 2 retraced into Wave 1 Subwave 4 so this count also has a high degree of credibility.
What this means
If wave 1 and wave 3 are not extended, we should assume an extended 5th wave. Which is unbelievably marked on the chart.
The Targets
Buy zone - 88000-81000
Target 1: 12289
Target 2: 14150
Target 3: 20800 ?!?
First lets talk about Wave 3 subwaves
Wave 3 was extended so we should assume a .786 extension of waves 1-4. ONT reached just above this mark before starting its wave down so the count is very likely to be correct here.
Now the primary waves
Wave 3 did not reach the 1.618 extension of waves 1-2. This is incredible considering ONT's run this far. Wave 2 retraced into Wave 1 Subwave 4 so this count also has a high degree of credibility.
What this means
If wave 1 and wave 3 are not extended, we should assume an extended 5th wave. Which is unbelievably marked on the chart.
The Targets
Buy zone - 88000-81000
Target 1: 12289
Target 2: 14150
Target 3: 20800 ?!?
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.