I view the move from April to December 2024 as wave A of 3. Since then, we have been in wave B of 3, forming a double zigzag correction. Currently, we are in the final stages of completing this correction and preparing for a strong bullish move as wave C of 3.
To estimate the bottom, we analyze the retracement of wave A of 3. A 0.586 retracement suggests a level of 285, while a 0.618 retracement points to 274.
From a cycle perspective, the April 2024 trough marked an 18-month cycle low. We are now nearing the completion of the first 40-week cycle within this 18-month cycle, with the trough expected in the first week of March.
To estimate the bottom, we analyze the retracement of wave A of 3. A 0.586 retracement suggests a level of 285, while a 0.618 retracement points to 274.
From a cycle perspective, the April 2024 trough marked an 18-month cycle low. We are now nearing the completion of the first 40-week cycle within this 18-month cycle, with the trough expected in the first week of March.
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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.