Here is my best guess of what is going to happen.
Using EWT: If we are in way (4) it should not go below the wave (1) level. If we are in wave 2 of (3) it could go below wave (1) but usually by not a whole lot.
If you see the current down trend channel as sort of a bull flag you want to way till price action move about the upper down channel line.
Notice on the 4 hour chart even though the RSI is low, the price is above did not go down as much forming a positive reversal which also doesn't always work but is encouraging.
The rectangle is based on wave c of the correction often having a Fibonacci relationship to wave a, such as 1x, .62x or .5x.
Hopefully this will help you plan your next move.
Take care.
RMEMBER: At least in my hands the EWT is often wrong as there are always many ways to see these complex charts PLUS all predictions are always your best guess AND no one is always correct. SO: process your way.
Here is a bullish analysis from Seeking Alpha is you are interested.
seekingalpha.com/art...-covidminus-19-tests
Using EWT: If we are in way (4) it should not go below the wave (1) level. If we are in wave 2 of (3) it could go below wave (1) but usually by not a whole lot.
If you see the current down trend channel as sort of a bull flag you want to way till price action move about the upper down channel line.
Notice on the 4 hour chart even though the RSI is low, the price is above did not go down as much forming a positive reversal which also doesn't always work but is encouraging.
The rectangle is based on wave c of the correction often having a Fibonacci relationship to wave a, such as 1x, .62x or .5x.
Hopefully this will help you plan your next move.
Take care.
RMEMBER: At least in my hands the EWT is often wrong as there are always many ways to see these complex charts PLUS all predictions are always your best guess AND no one is always correct. SO: process your way.
Here is a bullish analysis from Seeking Alpha is you are interested.
seekingalpha.com/art...-covidminus-19-tests
Comment:
Are we at the end of the correction??
