@Foxace36, already starting new ~60 day cycle few days ago (cycle low on 17th). elliott waves analysis + cycles is good combination to confirm each other and stay out of trouble. we had bullish candle on 17th, macd histogram divergence, price action touching lower channel, etc
hourly market is now overlapping which signal extension (1-2-1-2 situation) there will be strong advance . please be cautious.
Wolverinos
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@user100000, everything is bearish? so you agree.. there's a 5th wave down?
and that consolidating volume, looks like bullish, or not? or this has another approach?
sorry for the questions
@Wolverinos, don't you believe in a ABCDE correction in a descending triangle ? Looks little bit like your setup, but you're the only one who looks it from another point of view...
user100000
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@Wolverinos, im not sure i follow, if it was a contracting triangle the price action has to remain above wave A
Wolverinos
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aahh.. ok... I didn't see the whole perspective.. I see your calculation... you believe there's a higher cycle in which you put this graph at the end of wave 4 ? so... you believe this correction is not a big one?
I think we are on Wave 4.