Alternate view
The alternate view suggests that if the market sustains the gap up and breaks the immediate resistance level, the rally will likely continue.
Current view (based on Elliott wave)
There are no supporting factors for this view. However, in my experience and as per theory, if the market rejects around the immediate resistance zone or if the initial market declines, we can expect a minimum of 23% to 38% retracement in the minor swing. Because the inner wave counts show a single pullback wave, followed by a minor decline, that’s why I prefer this view.
The alternate view suggests that if the market sustains the gap up and breaks the immediate resistance level, the rally will likely continue.
Current view (based on Elliott wave)
There are no supporting factors for this view. However, in my experience and as per theory, if the market rejects around the immediate resistance zone or if the initial market declines, we can expect a minimum of 23% to 38% retracement in the minor swing. Because the inner wave counts show a single pullback wave, followed by a minor decline, that’s why I prefer this view.
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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.