Major EW pattern marked in dark red. We are now in 3rd wave.
Minor EW pattern marked in blue - 5th wave right now. When it ends it will end the 3rd wave of the dark red one as well.
Also note the ascending channel (two purple parallel lines).
Fib extensions:
- The one from December 8th low suggests $2600 (1.618 extension).
- The lesser one points towards $2400 (1 extension). Alternatively, it could be $2800 target (less likely, imo).
Profit targets: My main target will be $2600 but will secure some profit at $2400.
After current waves end, I expect a correction to $1800 or higher, then a final round to end the cycle. I will look to re-enter once end of dark red wave 4 is confirmed.
Your thoughts are most welcome!
Note: these are just my opinions, please don't consider them financial advice.
Minor EW pattern marked in blue - 5th wave right now. When it ends it will end the 3rd wave of the dark red one as well.
Also note the ascending channel (two purple parallel lines).
Fib extensions:
- The one from December 8th low suggests $2600 (1.618 extension).
- The lesser one points towards $2400 (1 extension). Alternatively, it could be $2800 target (less likely, imo).
Profit targets: My main target will be $2600 but will secure some profit at $2400.
After current waves end, I expect a correction to $1800 or higher, then a final round to end the cycle. I will look to re-enter once end of dark red wave 4 is confirmed.
Your thoughts are most welcome!
Note: these are just my opinions, please don't consider them financial advice.
1. either form a triangle or some other more or less horizontal continuation formation to gather momentum until the right side of the channel is within reach and go for a final leg up before correction
OR
2. Keep going down more steeply, in which case 1800 could be a good resistance level if it's reached close the right side of the channel.