5 impulse wave up
MA with bearish divergence
Running triangle during wave iii
Supported by a clear MACD read of top of wave iii and (iii) of v
RSI confirmation of top of wave v
Overall good proportion of subwaves.
Probable advance wave 1
Also :
corrective Fib level 0.618 of the previous wave down (E) reach
Significant resistance level and R1 at 423.86
Potential inverted Head and shoulder pattern
Target for the correction is between fib 0.618 or fib 0.764. Or near H4 S2 pivot at 399.98.
Stop Loss is time relevant and in relation with the bottom TL of the triangle. Now 495. By probable end of wave 2 : 497.
The longer and more complex wave 2 will be the shallower the correction.
MA with bearish divergence
Running triangle during wave iii
Supported by a clear MACD read of top of wave iii and (iii) of v
RSI confirmation of top of wave v
Overall good proportion of subwaves.
Probable advance wave 1
Also :
corrective Fib level 0.618 of the previous wave down (E) reach
Significant resistance level and R1 at 423.86
Potential inverted Head and shoulder pattern
Target for the correction is between fib 0.618 or fib 0.764. Or near H4 S2 pivot at 399.98.
Stop Loss is time relevant and in relation with the bottom TL of the triangle. Now 495. By probable end of wave 2 : 497.
The longer and more complex wave 2 will be the shallower the correction.