If you are a long-term investor looking for good entries this chart might be just what you need. Here we have an Elliot Wave count to determine where we are standing in the trend and from there we have the possibility to look at the targets of correction. In the Elliot Wave Theory - price has a tendency to retrace to the fourth wave of the previous five-wave structure and as you can see for yourself on the chart, price has already retraced to two previous Wave 4's in lesser degrees.
(Note: The bottom of the fourth waves are highlighted in Black Horizontal Lines).
Have we already bottomed and are we in the last accumulation zone already? Nobody knows. If not, we will correct down to the previous fourth wave of the bigger five-wave sequence, completing a correction on the bigger scale since the beginning of cycle starting in 2015. We call this area, Buyzone 2.
Always DYOR.
This is not financial advice.
/onefouronetrading
(Note: The bottom of the fourth waves are highlighted in Black Horizontal Lines).
Have we already bottomed and are we in the last accumulation zone already? Nobody knows. If not, we will correct down to the previous fourth wave of the bigger five-wave sequence, completing a correction on the bigger scale since the beginning of cycle starting in 2015. We call this area, Buyzone 2.
Always DYOR.
This is not financial advice.
/onefouronetrading