Possibility of Elliott Wave (12345) completion
Updated
4hr TMFRM
-Up Trend
-Bounced on PP: 1.33206
-Bounce on Bullish Trend-line
1hr TMFRM
-Bounced on Bullish Trend-line
-Bounced on Fib 0.618
-Incomplete Elliott Wave (12345)
Notes
*According to the Elliott Wave(12345) principle, if the first wave and the third wave is of the equal length then the fifth wave is a surge
-We are expecting the price to push up if it passes the first resistance zone
-Price might go to Medium Wave completion which is the Resistance zone with Fib Ext 1.618
-If price passes Medium Wave completion theres a possibility that wave can be complete at the Strong Wave completion Zone as theres confluence on that Resistance Zone
-Up Trend
-Bounced on PP: 1.33206
-Bounce on Bullish Trend-line
1hr TMFRM
-Bounced on Bullish Trend-line
-Bounced on Fib 0.618
-Incomplete Elliott Wave (12345)
Notes
*According to the Elliott Wave(12345) principle, if the first wave and the third wave is of the equal length then the fifth wave is a surge
-We are expecting the price to push up if it passes the first resistance zone
-Price might go to Medium Wave completion which is the Resistance zone with Fib Ext 1.618
-If price passes Medium Wave completion theres a possibility that wave can be complete at the Strong Wave completion Zone as theres confluence on that Resistance Zone
Trade active
-First Target Reach -Medium Wave Completion Broken
-Price towards Strong Wave Completion before it can correct
Trade closed: target reached
-Second Target Reached-Strong Wave Completion reached
-Elliott Wave (12345) completed
-possible ABC wave correction
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.