Potential 46% profit on ChromiaCHR is showing us major correction on possible wave 4 structure and this is the solid 5 waves structure we need to watch on current structure.
- Following the rules of alternation. If wave two is complex, wave four is likely to be a flat correction
- Wave 2 bounced right after it touched the .786 Fibonacci retracement level of wave 1.
- .382 Fibonacci retracement level is considered as the first support zone for current structure as this wave 4 is likely to be a flat pattern.
- Because the lowest point on the wave 2 is at .786 , the wave 4 must not exceed the .5 Fibonacci retracement level.
- Targeting the interim swing high at $1.4385 as the first target and $1.61 as the -.26 Fibonacci retracement level.
