Hello All,
There are 2 scenarios different scenarios I am debating here. The first scenario is the one that is pictured above, where last weeks high would be the end of wave 5 and the start of an ABC correction. If that is the case I don't think we would see 4300, however the Wave C would end somewhere within .5 and .618 fib retracement range.
The second scenario could be that we are currently starting a wave 5 that would take us to 4300ish. In this case wave 3 would end where wave 5 is currently pictured, wave 4 would end where the A correction wave is currently pictured and we would be in a 5th on to 4300, thoughts?
NOTE: I am not a financial adviser nor do I provide any financial advice. This is just a learning opportunity for you and me.
NOTE: For the second scenario, wave 4 DID NOT reach wave 1 territory so it is NOT a failed wave.
Time Frame : 4 Hour
We are also currently trading UNDER the 55 EMA but are in an ascending triangle pattern
Good Day :)
There are 2 scenarios different scenarios I am debating here. The first scenario is the one that is pictured above, where last weeks high would be the end of wave 5 and the start of an ABC correction. If that is the case I don't think we would see 4300, however the Wave C would end somewhere within .5 and .618 fib retracement range.
The second scenario could be that we are currently starting a wave 5 that would take us to 4300ish. In this case wave 3 would end where wave 5 is currently pictured, wave 4 would end where the A correction wave is currently pictured and we would be in a 5th on to 4300, thoughts?
NOTE: I am not a financial adviser nor do I provide any financial advice. This is just a learning opportunity for you and me.
NOTE: For the second scenario, wave 4 DID NOT reach wave 1 territory so it is NOT a failed wave.
Time Frame : 4 Hour
We are also currently trading UNDER the 55 EMA but are in an ascending triangle pattern
Good Day :)