UUUU
looks like my Z wave is playing out for the UUUU here, to understand WXYXZ pattern is to know that a series of 3-3-3-3-3 wave patterns have evolved and they are sideways in the chart not compressed into a triangle which would rule the 3 wave pattern as an ABCDE. Now looking at the stoch RSI and also the standard RSI we can see they are both dropping from over bought with room to drop, also the daily rsi has much room. If the Z wave ends up in typical Z wave fashion it would look like the start of an impulse but is actually the end of the WXYXZ pattern and shows all bullish momo has finished . So if I'm correct we are in W2 on H4 and the daily should hit 1.618 fib lvl for a W3 around $4.70 to confirm my chart.
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.