td,, Carrying on from our previous chat , if we now have hopefully wave 4 complete with the 35.25 bottom ( perfect 38% retracement) what's your thoughts on wave 5 possibilities . Ive looked at a few myself and Im liking the 44.53 area initially as its a figure with a couple of extension projections and secondary 46.75 with similar extensions . Would love to hear your thoughts
tdbeva
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@richie165, I agree with your first target of 44.5 as that would be the 0.618 level. The next target would be just over 48 which would be the 1:1 level. That's achievable looking at the trend.
tdbeva , Interested to know your thoughts on whether you believe were are still in wave 3 or did the subsequent pull back to 34.82 on the 19th which was only a 17% retracement approx constitute wave 4. Personally I was expecting at least a 23.61 retracement to 34.23 but it didnt get there.
Regards
Richie
tdbeva
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@RichieBunson165, evening. Same as you, I was expecting a pull back to between 32 to 35 so think this slight plateau is too little for wave 4. I wonder if the euphoria of vaccine is pushing up wave 3 more before it retraces for wave 4 properly. Next few weeks should confirm this.
RichieBunson165
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@tdbeva, Really appreciate your thoughts and how nice to have someone to bounce it off, it will be interesting to see how this develops and as with everything Elliott time will tell I suppose.