$W - 3 Rising Dragons
I call it the 3 rising dragons because of the way it bottomed. Dragons, Broadening Bottoms, and 3 rising valleys often present themselves similarly. In this case, the most notable characteristic of price action here is the head, and the 3 rising valleys from the lows, even though, you do have your distinct feet and 786 retracement initially there.
.74 cents is the target of the 3 rising valleys, a leading diagonal and its retracement, pushing into wave 3.
If you were to measure this as a broadening bottom or ascending triangle, youd be looking for about .83. In either case, i think this is likely to outperform that by a long shot. Often times these type of charts that develop in this fashion end up going parabolic, and go right up the fibonacci sequence til the internal 4.236
.46, and .53 could also be used as partial take profit levels, and beyond the 1.618, 1.06, 1.37, 1.64
.74 cents is the target of the 3 rising valleys, a leading diagonal and its retracement, pushing into wave 3.
If you were to measure this as a broadening bottom or ascending triangle, youd be looking for about .83. In either case, i think this is likely to outperform that by a long shot. Often times these type of charts that develop in this fashion end up going parabolic, and go right up the fibonacci sequence til the internal 4.236
.46, and .53 could also be used as partial take profit levels, and beyond the 1.618, 1.06, 1.37, 1.64
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