Our previous post expected the triangle correction to breakout big in one direction and it broke down. However, this time the triangle consolidation is smaller so the move down maybe limited to $105-$115 considering that 0.786 Fib can offer support.
This chart is a breakdown of the waves and patterns of the 1D/12H bullish chart which we just posted
The high level waves are represented by ABC (White)
A is done with 5 waves (white)
B is done or close down now
-B appears to have 3 waves down (Yellow ABC)
-We now appear to be waiting for the last wave (orange 5th wave) of the yellow C
There is a chance that 5 waves are done, confirmation for that is if we go above $140 and later $157 (orange sub-wave 1 bottom)
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You can also draw a downward channel (red) for this correction from the high of $230. The major B is in play which will have ABC waves where
A has 5 sub-waves down (red)
B has 3 sub-waves up (green)
C has 5 sub-waves down (yellow)
- We appear to have the last 5th sub-wave pending
- Technically sub-wave 4 can go till $153, but if it crosses that, we assume that all the 5 sub-waves are in and this is our final Wave C (white) move up to +$200 target
Notice how the median dotted line of this downward channel is also offering support, I'm expecting the final drop to touch the median line again, where I drew the green Box
This short-term chart is part of this higher time-frame bullish chart (click image for details)
Take Care. Stay Safe
This chart is a breakdown of the waves and patterns of the 1D/12H bullish chart which we just posted
The high level waves are represented by ABC (White)
A is done with 5 waves (white)
B is done or close down now
-B appears to have 3 waves down (Yellow ABC)
-We now appear to be waiting for the last wave (orange 5th wave) of the yellow C
There is a chance that 5 waves are done, confirmation for that is if we go above $140 and later $157 (orange sub-wave 1 bottom)
---------
You can also draw a downward channel (red) for this correction from the high of $230. The major B is in play which will have ABC waves where
A has 5 sub-waves down (red)
B has 3 sub-waves up (green)
C has 5 sub-waves down (yellow)
- We appear to have the last 5th sub-wave pending
- Technically sub-wave 4 can go till $153, but if it crosses that, we assume that all the 5 sub-waves are in and this is our final Wave C (white) move up to +$200 target
Notice how the median dotted line of this downward channel is also offering support, I'm expecting the final drop to touch the median line again, where I drew the green Box
This short-term chart is part of this higher time-frame bullish chart (click image for details)
Take Care. Stay Safe
Trade closed: target reached:
