From the chart, we have a completed wave 1-2-3-4-5-A-B-C in blue and have the makings of a larger wave pattern in yellow with waves 1 & 2 complete.
Wave 3 will be triggered if we can break and hold above 0.3
Wave 3 is the largest wave in the cycle and proportional to waves 1 & 2 for scale taking us potentially to 1.00 and beyond.
Waves 1&2 of the smaller Elliot wave cycle (blue circle), mirror virtually identical in price action to waves 1&2 of the larger Elliot wave pattern (yellow circle).
This implies the wave 3 move for the larger pattern will be substantial and possibly rapid.
The completion of wave 5 will take us above $1 if we replicate the scaled move to the larger EW pattern.
If this does play out just be aware that $1 has a psychological barrier associated with it, so expect to see some selling at that point.
As always Good Luck if you are playing this long.
Let me know your thoughts!
Wave 3 will be triggered if we can break and hold above 0.3
Wave 3 is the largest wave in the cycle and proportional to waves 1 & 2 for scale taking us potentially to 1.00 and beyond.
Waves 1&2 of the smaller Elliot wave cycle (blue circle), mirror virtually identical in price action to waves 1&2 of the larger Elliot wave pattern (yellow circle).
This implies the wave 3 move for the larger pattern will be substantial and possibly rapid.
The completion of wave 5 will take us above $1 if we replicate the scaled move to the larger EW pattern.
If this does play out just be aware that $1 has a psychological barrier associated with it, so expect to see some selling at that point.
As always Good Luck if you are playing this long.
Let me know your thoughts!
