Hello friends, followers, and traders,
Here I present the 4hr chart detailing a wave count that shows a truncated 5th wave. I have not included the retracement from the all-time high but I can tell you that it retraced exactly between the Fibonacci levels of .50% and .618%. It is here at these levels that price action has approached what was support back in Aug 2019 and now appears to be strong resistance between these Fibonacci levels.
If the price action fails to break through this level of resistance, we can expect a correction that will most likely retrace towards the golden ratio coincidentally finding support where wave 2 found its bottom.
I do expect a retest within this area and if that fails, we shall see an about-face towards targets indicated on this chart.
Good Luck
Cheers!
Here I present the 4hr chart detailing a wave count that shows a truncated 5th wave. I have not included the retracement from the all-time high but I can tell you that it retraced exactly between the Fibonacci levels of .50% and .618%. It is here at these levels that price action has approached what was support back in Aug 2019 and now appears to be strong resistance between these Fibonacci levels.
If the price action fails to break through this level of resistance, we can expect a correction that will most likely retrace towards the golden ratio coincidentally finding support where wave 2 found its bottom.
I do expect a retest within this area and if that fails, we shall see an about-face towards targets indicated on this chart.
Good Luck
Cheers!
