Some clear structure hear as well (for now lol)
I'm hoping this structure plays into a zig zag
If it becomes and ABCD as well.. even better!
Right now you can see in the lower level of the projected zones that price is currently in a pretty critical zone to make a transition here soon
Im expecting some consolidation before price breaks the middle line and pushes to the upside
There's also some nice fib there as well
I will soon make an education post about the fib
Anyways, notice the overlapping fib:
Red: stretches from the top of wave (5) down to A
This is normal in terms of find the retracement of a swing
Yellow: extended from A to a to find the extension of pending abc pattern.
Notice how I overlapped the patterns on to p of one of another in order to subdivide the fibonacci levels. Once the levels are subdivided you can see why I'm projecting price to the 127% for its coherence with the 61.8% of the entire swing (and without even putting a hard line you can how this zone creates a zone of resistance)
Alternate theory:
Look at the 100% yellow and its correlation to the 50%
We had a major rejection at this zone which leads me to believe that price has the possibility to fall from this zone as well which is why I haven't taken position yet
However, once I go to the lower levels I hope to see some signs of continuation into the buy rally
I'm hoping this structure plays into a zig zag
If it becomes and ABCD as well.. even better!
Right now you can see in the lower level of the projected zones that price is currently in a pretty critical zone to make a transition here soon
Im expecting some consolidation before price breaks the middle line and pushes to the upside
There's also some nice fib there as well
I will soon make an education post about the fib
Anyways, notice the overlapping fib:
Red: stretches from the top of wave (5) down to A
This is normal in terms of find the retracement of a swing
Yellow: extended from A to a to find the extension of pending abc pattern.
Notice how I overlapped the patterns on to p of one of another in order to subdivide the fibonacci levels. Once the levels are subdivided you can see why I'm projecting price to the 127% for its coherence with the 61.8% of the entire swing (and without even putting a hard line you can how this zone creates a zone of resistance)
Alternate theory:
Look at the 100% yellow and its correlation to the 50%
We had a major rejection at this zone which leads me to believe that price has the possibility to fall from this zone as well which is why I haven't taken position yet
However, once I go to the lower levels I hope to see some signs of continuation into the buy rally
Comment:
change of structure from zig zag to flat
