Elliot Wave 5, from high (8/5) at 1.39927. Ending Diagonal (4-5), 5 waves, terminating at 1.23568, indicating a potential trend change, with higher lows from Channel base. At 141.4% extension and 88.6% retracementsx2, support area. Within channel boundaries.
Potential abc like rally, with three targeted areas, seen also in Daily time_frame.
Daily RSI potential momentum brake_out at 46.
Comments
pinTEK
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I believe your count is wrong. I think your labeled 5th wave is actually wave 3 of the larger degree. There's a large extension that's not accounted for in this.
My thought: your 5 is 3, we are in the middle of a tripple zig-zag to hit 4. Also your Descending wedge is incorrect. There's a 5wave sequence from 3 to 4, Should only be ABC patterns within.
My thought: your 5 is 3, we are in the middle of a tripple zig-zag to hit 4. Also your Descending wedge is incorrect. There's a 5wave sequence from 3 to 4, Should only be ABC patterns within.