A small pullback toward 1930 is possible from the current price level then a decline is necessity to start the 5th wave. The 3rd wave (Extension) is done.
Minimum target for 5th wave is 1894 zone.
Minimum target for 5th wave is 1894 zone.
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Here we go.
4th Wave correction has started.
1930 Top hopefully
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Top can be 1925It should have been reach there before Tokyo Session tomorrow ...
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Price is probably forming a Flat Correction in 1 hour time frame.
Conditions:
1. Price should move up with ABC style (Which will be the "A" of flat correction)
2. "B" should not retrace more than 111% minimum 61.80% (This will also have ABC waves inside of it)
3. "C" will have 12345 waves inside of it
I have drew how a flat correction should look like.
These are all probabilities.
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In 15 minutes chart price has formed AB already
Now C is forming where we will have 12345 waves and once the price reaches the 261.80% then the flat correction will be over.
According to FIBO extension the 261.80% is 1940 and 161.80% is 1925
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How things are forming in 30 minutes chart
This will be a short term price movement upward.
Bearish movement will continue from any of these two levels, either 1925 or 1940
Then the fall will stop at 1700 zone
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Price has already at 1894 zone That means 3rd wave extension is not finished yet.
Where to stop then?
1889 or 1888 or even lower ?
Price has to form a pullback for further declining.
A top of 1920-25 is now obvious and that will be our 4th wave.
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1888 floor before the pullback toward 1920 top??
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How the zigzag correction was completed, I was expecting 1888 but it went up from 1889 and formed a trend reversal pattern inverted head and shoulder in 5 minutes chart.
Lets see if it can retest the neckline and move up or fall below for deeper correction.
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Zigzag correction confirmation with conditions:
1. A should have 5 waves inside of it (12345)
2. B should not retrace more than 61.80%
3. C should reach the extension of either 100% or 161.80%
Above all conditions are fulfilled.
What's now then?
Price has made a change of character and left an unmitigated order block (1892.140-1893.520) and a discount zone (1893.316-1894.239) is also there.
I am confident that price will make an impulse move from any of these zones if it wants to make a top 1920 today or tomorrow.
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Things are in favor for the pullback and 1920 TOP
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This post is invalid now about the pullback.I am giving new 4h analysis
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1930 pullback is back in favorNote
How price should react ....
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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.