*Bullish Case (Wave 4 complete soon)
-If price stabilizes within or just under the green support zone, and begins forming higher lows-> this would be wave 4 bottom.
-Look for break about the red corrective channel, followed by confirmation candle to rejoin the uptrend (wave 5)
Wave 5 Target Projection:
-Use Fib extention of wave 1-3 from wave 4 low.
-Possible targets: 100% extention, 123.6%-138.2% (for aggresive wave 5)
*Bearish Case (Wave 4 not done or invalidated)
-If price breaks below the green support zone, particulary under 3260 and closes under it, wave 4 may extend deeper.
-invalidates impulsive count if it enters wave 1 territory too much or breaches structural support.
-If price stabilizes within or just under the green support zone, and begins forming higher lows-> this would be wave 4 bottom.
-Look for break about the red corrective channel, followed by confirmation candle to rejoin the uptrend (wave 5)
Wave 5 Target Projection:
-Use Fib extention of wave 1-3 from wave 4 low.
-Possible targets: 100% extention, 123.6%-138.2% (for aggresive wave 5)
*Bearish Case (Wave 4 not done or invalidated)
-If price breaks below the green support zone, particulary under 3260 and closes under it, wave 4 may extend deeper.
-invalidates impulsive count if it enters wave 1 territory too much or breaches structural support.
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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.
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.