Just about everybody and his brother thinks we're in a wave 4 triangle, and we may be. But when you start digging a little deeper into this triangle pattern there are more than a few problems. I won't get into them, but there are enough where I'vve been convinced this may look like a triangle, But I don't think it is. Here's another scenario, that being, an ABC correction where the B wave, itself, is a triangle. and I'm wondering if this morning's high might been the end of B and the beginning of the C wave that'll be going down. How far? I've taken 3 fib rations: .618, .786 and .886 and have projected them down from this morning's high. Keep in mind, wave 4 cannot overlap wave 1 and none of these do, but the .886 comes within 20 bucks of it. This pattern would be a zig-zag since the B only retraced by 50%. Have a look and see what you think!
Note
Sorry for my sloppy writing. Should have proof read...
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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.