In this scenario, I would love to highlight the double three (WXY) scenario.
A double three is a sideways combination of two corrective patterns.
Guidelines
• A combination of two corrective structures labeled as WXY
• Wave W and wave Y subdivision can be zigzag, flat, double three of smaller degree, or triple three of smaller degree
• Wave X can be any corrective structure
• WXY is a 7 swing structure
• Wave X = 78.6% of wave W
• Wave Y = 61.8%, 100%, or 123.6% of wave W
• Wave Y can not pass 161.8% of wave W
Here we can tick off all the guidelines that we can see for now. Wave W is a double three and X reaches the 78.6% fib retracement.
Wave Y
In this count, we know that wave Y can be a simple zigzag (abc) higher. I believe that we've seen the first leg higher of that zigzag which I labeled as A. The current decline is thus wave B. The only thing we need is that this retracement finds some support at $3.42 or $3.06. And this is something that I will monitor very closely!
PS: There is a chance that this correction will take some time so be patient. But if true, this can be a big opportunity to catch another impulse higher with targets $6.42 or $11.46
A double three is a sideways combination of two corrective patterns.
Guidelines
• A combination of two corrective structures labeled as WXY
• Wave W and wave Y subdivision can be zigzag, flat, double three of smaller degree, or triple three of smaller degree
• Wave X can be any corrective structure
• WXY is a 7 swing structure
• Wave X = 78.6% of wave W
• Wave Y = 61.8%, 100%, or 123.6% of wave W
• Wave Y can not pass 161.8% of wave W
Here we can tick off all the guidelines that we can see for now. Wave W is a double three and X reaches the 78.6% fib retracement.
Wave Y
In this count, we know that wave Y can be a simple zigzag (abc) higher. I believe that we've seen the first leg higher of that zigzag which I labeled as A. The current decline is thus wave B. The only thing we need is that this retracement finds some support at $3.42 or $3.06. And this is something that I will monitor very closely!
PS: There is a chance that this correction will take some time so be patient. But if true, this can be a big opportunity to catch another impulse higher with targets $6.42 or $11.46