The bullish extension of the corrective zigzag patternGreetings,
Dear friends, I hope you are well and have a week full of successful and profitable transactions.
I haven't been in the service of the companions on the Trading View platform for a few weeks because I was completing an educational resource. I hope I can make up for my absence from now on, but if I see a valuable market, I will share it with you.
The text of my analysis:
A cycle of eight waves completes the greater degree, which consists of waves 1 and 2 at a higher degree.
Currently, there is an impulse pattern with 5 waves, followed by a corrective pattern that I interpret as a zigzag. This correction typically ends between the 38.2% and 78.6% Fibonacci retracement levels.
The downward trend mustn't cross the price level which would invalidate the analysis. If this happens, I have an alternative idea that I will share with you.
Note: I am an analyst in the world of principle wave, who has entered the fourth year of my work experience, and I am developing an analytical idea. In financial markets, there is no 100% certainty due to the complexity of different patterns that can change. However, I do my best to back up every analysis I share with you guys with everything I've learned so far.
A brief explanation of the three fundamental laws of the wave principle:
1. The second wave should never go beyond the beginning of the first wave.
2. The third wave should never be the shortest wave between waves 1, 3, and 5.
3. The fourth wave must never enter the territory of the first wave.
Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future, simply.
May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world.
I am attaching the analysis of this market that I shared with you earlier to this current analysis.
The last word of my analysis text is repetitive, except to explain the current analysis because I also trade in the financial markets and I am active in my social networks, and I work hard to improve my skills in analysis and trading to reach my goal.
I apologize for repeating the text.
I welcome suggestions and criticisms, and I will respond, but a logical reason is important to me.
Thank you for taking the time to review my analysis.
First of all, I wish good health and success to all my dear friends and colleagues.
Mr. Nobody
