Well that 3rd wave went up a bit higher and a lot faster than I expected. The bulls broke hard through the long term downtrend pink line. Now they need some good consolidation and retrace on the 4th wave to garner more support to get ready for the 5th wave.
Ideally, the 4th wave retrace will drop back to the 6800-6900 level which should prove to be a good level of support now. Then the 5th wave will be free to move up to the 7800 level by Mid August.
You can see I've then forecasted the abc correction wave back to the 6400-6600 level. This would be a really healthy sign representing a .618 fib level retracement by early September. Then we could begin another bull impulse wave through the previous resistance level of 7800 and go all the way up to 9200 level by October.
Any other bullish EW folks have the same ideas?
Have a great day!
Ideally, the 4th wave retrace will drop back to the 6800-6900 level which should prove to be a good level of support now. Then the 5th wave will be free to move up to the 7800 level by Mid August.
You can see I've then forecasted the abc correction wave back to the 6400-6600 level. This would be a really healthy sign representing a .618 fib level retracement by early September. Then we could begin another bull impulse wave through the previous resistance level of 7800 and go all the way up to 9200 level by October.
Any other bullish EW folks have the same ideas?
Have a great day!
Comment:
Finally got some movement! I just added this bull flag formation idea to my chart only 30 minutes before that breakout happened, but didn't even get a chance to post it. Now no one will believe me that I predicted the jump up from this small bull flag. Oh well. Follow my orange line as it retraces and bounces around between support and resistance lines, and eventually hits my Wave IV level and hovers around there for a while before Wave V pops!
