This is just an update to the current move that we've been in, I wasn't sure about this being a diagonal but seeing how the channel held in this recent drop i'm thinking that it might have been the case after all
The other chart where i'm discussing the RSI divergence is also suggesting this type of move so either this is confirmation bias on my part or we have two separate types of analysis telling us that this is what's happening
Overall I wanted to supplement my previous analysis with Elliott waves because waves are amazing <3. Beyond that I also drew a new channel anchored on 2,4 and drawn to the width of 3, this helps us find targets for 5
Also, take a look at how we hit that .618 mark to the dot, it's pretty great.
The other chart where i'm discussing the RSI divergence is also suggesting this type of move so either this is confirmation bias on my part or we have two separate types of analysis telling us that this is what's happening
Overall I wanted to supplement my previous analysis with Elliott waves because waves are amazing <3. Beyond that I also drew a new channel anchored on 2,4 and drawn to the width of 3, this helps us find targets for 5
Also, take a look at how we hit that .618 mark to the dot, it's pretty great.
Note
Forgot to mention that this would be a contracting diagonal, so wave 5 should have a smaller overall price move than 3Note
Note
Note
we had 2 tests of out invalidation level...so far it is holding but its not likely that it can continue to hold if tested repeatedlyNote
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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.