Eventually. Maybe something a bit like this.
What I'm interested in is the zig-zagging around $1700, the 0.618/61.8% of wave A (or 1) however labelled. (I prefer to label the first drop A, back up B, then the second drop (1), forming an A-B-C, with C as a full motive unfolding, as can be in corrective waves.)
Wave (4) of C then zig-zags over the 1.618/161.8% extension of wave A. Does it then suggest wave 4 of (5) might zig-zag back and forth over the 2.618 extension, before finally dropping to $650 or thereabouts, thus bottoming on the 0.7639 retracement of the whole thing?
If it does reach $650 / $646 then it would make wave 5 of (5), if dropping from suggested resistance (lower gold line) 1.618 of wave 1 of (5) and make wave 5 2.618 the length of wave 1.
I find this a satisfactory possibility for now.
Currently thought to be in corrective move to retest the upper bound of the steeper down channel at $1244 or thereabouts, forming a head and shoulders.
What I'm interested in is the zig-zagging around $1700, the 0.618/61.8% of wave A (or 1) however labelled. (I prefer to label the first drop A, back up B, then the second drop (1), forming an A-B-C, with C as a full motive unfolding, as can be in corrective waves.)
Wave (4) of C then zig-zags over the 1.618/161.8% extension of wave A. Does it then suggest wave 4 of (5) might zig-zag back and forth over the 2.618 extension, before finally dropping to $650 or thereabouts, thus bottoming on the 0.7639 retracement of the whole thing?
If it does reach $650 / $646 then it would make wave 5 of (5), if dropping from suggested resistance (lower gold line) 1.618 of wave 1 of (5) and make wave 5 2.618 the length of wave 1.
I find this a satisfactory possibility for now.
Currently thought to be in corrective move to retest the upper bound of the steeper down channel at $1244 or thereabouts, forming a head and shoulders.
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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.