The 5 Waves appear to be done and we should have a ABC correction now. An ideal turn around would be at the 0.5 - 0.618 Fib level, but it may turn around earlier if the bulls are still active
Going above red zone would mean that 5 waves are not done
Also we reached 50 Day EMA (orange), which will act as resistance, crossing this will give us a target at $350+ where 100 Day EMA is
Going above red zone would mean that 5 waves are not done
Also we reached 50 Day EMA (orange), which will act as resistance, crossing this will give us a target at $350+ where 100 Day EMA is
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A & B hit
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The 1 Hour 50 EMA (Orange) is offering support for now. But notice the bear flag and its target just below $150, this is also place for 50% retracement of the entire rally from $73 to $230
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The 50 EMA continues to offer support
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We are holding above the 50EMA, so is the correction over?
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here is the bullish idea for the missing 5th wave in case it was not done
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and the 50 EMA goes out
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As the comment in the chart mentions, we hits the 0.4 Fib retracement accurately. Lets hope the correction is over
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The 5 sub-waves (blue) of the C waave appear to be done . I took some long positions below $160 with SL at $146 (we need to stay above it as per EW rules)
We lose this level, then next support maybe 0.618 Fib @$130
We lose this level, then next support maybe 0.618 Fib @$130
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We may go down to 0.618 level, here is a possible breakdown of the red C wave into 5-3-5 sub waves. Actual confirmation is below $150
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sub-waves 3 and 4 (blue) appear to be done. One final drop to 0.618 Fib level? $130+
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We were expecting the 0.618 Fib level to act as support and it did. But the actual 0.618=$136 and we turned around at $140. This shows the value of laddering in instead of waiting for the precise bottom
We also assumed that there can be 5th sub-wave (blue) pending, but it was already done. The confirmation came when we crossed wave1(blue) at $160.
This is the reason it helps to look at higher time frame charts like 4H and 1Day. Our recent posts (4H & 1Day) pointed to being very close to turn around.
Yesterday's movement was violent and it certainly looks like 3 waves (green) are done, I expect a move to $185+ and a correction/consolidation before a final push to 50 Day EMA@$212
I'm guessing $200 will offer resistance. So take profits and play safe
We also assumed that there can be 5th sub-wave (blue) pending, but it was already done. The confirmation came when we crossed wave1(blue) at $160.
This is the reason it helps to look at higher time frame charts like 4H and 1Day. Our recent posts (4H & 1Day) pointed to being very close to turn around.
Yesterday's movement was violent and it certainly looks like 3 waves (green) are done, I expect a move to $185+ and a correction/consolidation before a final push to 50 Day EMA@$212
I'm guessing $200 will offer resistance. So take profits and play safe
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Comment:
The 50 EMA (orange) on the 4Hour chart is acting as resistance and not allowing the price to cross
