go
Ciao Traders !
If I am correct we are forming a Big WXY structure where the first W wave is not finished yet, and itself, is composed by a combination of on ABC wave and a 12345 wave connected by an X wave
the 12345 wave where we are now and, as per my count, is not completed yet.
I think that when we complete the actual 12345 , at the same time completing the W wave on the greatest scale, we will bounce to a 50% of this down move. As indicated the bounce should be around the 0.786 Fibonacci of the previous uptrend. I didn't chose this level arbitrary, in fact, in the micro wave count, hypothesizing standard wave retracements of 0.23 and 0.382 for the internal 3rd waves, the end of the last down move (wave 5 at this level of analysis) coincide perfectly with the 0.786 fib of the mentioned whole move and..... I don't believe in coincidence !!!
If I am right, the last move up from the 0786 fib, the one indicated with the red line, will be the last major bull trap before going to target at either 1500 ish or 600$. depending how far up it will retrace after following the blue line.
I have to mention that 1500 and 600$ are based on the hypothesis that the macro WXY started at 13600 will extend on a 1 to one base reaching 600$, but this is not necessary, the Y leg can be shorter than that extending for example 0618 of wave W
If I am wrong, and all famous analyst and you-tubers, which state that the move from 3200 to 13600 is only a wave 1 of a new cycle , I see it still reaching the 0786 fib. indicated with the blue line and then shoot to the moon..
But, as mentioned in other posts, as per my count, the move from 3200 to 13600 is a 3-3-3-3-3 wave move, in nature corrective. New Elliott wave schools declare that in modern times a new trend could start with 3 wave structures instead of standard 5 motive ways. .well.. we'll have to see if they are right :)
Happy trading to all !
Disclaimer:
This is not financial or investment advice
I am not a professional in the financial or investment fields
This analysis is just for entertainment purposes
Do not follow what I do or do it at your own risk
Ciao Traders !
If I am correct we are forming a Big WXY structure where the first W wave is not finished yet, and itself, is composed by a combination of on ABC wave and a 12345 wave connected by an X wave
the 12345 wave where we are now and, as per my count, is not completed yet.
I think that when we complete the actual 12345 , at the same time completing the W wave on the greatest scale, we will bounce to a 50% of this down move. As indicated the bounce should be around the 0.786 Fibonacci of the previous uptrend. I didn't chose this level arbitrary, in fact, in the micro wave count, hypothesizing standard wave retracements of 0.23 and 0.382 for the internal 3rd waves, the end of the last down move (wave 5 at this level of analysis) coincide perfectly with the 0.786 fib of the mentioned whole move and..... I don't believe in coincidence !!!
If I am right, the last move up from the 0786 fib, the one indicated with the red line, will be the last major bull trap before going to target at either 1500 ish or 600$. depending how far up it will retrace after following the blue line.
I have to mention that 1500 and 600$ are based on the hypothesis that the macro WXY started at 13600 will extend on a 1 to one base reaching 600$, but this is not necessary, the Y leg can be shorter than that extending for example 0618 of wave W
If I am wrong, and all famous analyst and you-tubers, which state that the move from 3200 to 13600 is only a wave 1 of a new cycle , I see it still reaching the 0786 fib. indicated with the blue line and then shoot to the moon..
But, as mentioned in other posts, as per my count, the move from 3200 to 13600 is a 3-3-3-3-3 wave move, in nature corrective. New Elliott wave schools declare that in modern times a new trend could start with 3 wave structures instead of standard 5 motive ways. .well.. we'll have to see if they are right :)
Happy trading to all !
Disclaimer:
This is not financial or investment advice
I am not a professional in the financial or investment fields
This analysis is just for entertainment purposes
Do not follow what I do or do it at your own risk