Firstly we will try to use Elliot's wave principle to project the 4th wave top.
As per the rule, the wave 4 price should not overlap the price range of wave 2 except if wave 4 pattern is a diagonal triangle.
The lowest price of the last candle of wave 1 which is also the origin of wave 2 is 1533.
But if we are using the close of the candle, then we have 1566 price to watch and possibly 1582.
For any further up-move to be valid, we need a considerable break of the current high at 1533. If however price makes a double top and holds below 1533 between the time range 27th - 31st August, a reversal of the uptrend might start to occur.
Also from 16th August 2018 - 20th February 2019, price made 186 points advance in 188 days.
Low : 1160 on 16th August 2018
High : 1346 on 20th February 2019 (Total days =188)
Total point advance : 1346 - 1160 = 186 point (First price and time square)
then next 186 points advance from 1346 : 1346 + 186 = 1532 ( Second price squaring )
next 188 days from 20th February 2019 falls on 27th August which is also 0.618 ratio of the 609 internal time we discussed earlier.
So, we wait and see what price will do on this time zone to confirm next direction of price action
As per the rule, the wave 4 price should not overlap the price range of wave 2 except if wave 4 pattern is a diagonal triangle.
The lowest price of the last candle of wave 1 which is also the origin of wave 2 is 1533.
But if we are using the close of the candle, then we have 1566 price to watch and possibly 1582.
For any further up-move to be valid, we need a considerable break of the current high at 1533. If however price makes a double top and holds below 1533 between the time range 27th - 31st August, a reversal of the uptrend might start to occur.
Also from 16th August 2018 - 20th February 2019, price made 186 points advance in 188 days.
Low : 1160 on 16th August 2018
High : 1346 on 20th February 2019 (Total days =188)
Total point advance : 1346 - 1160 = 186 point (First price and time square)
then next 186 points advance from 1346 : 1346 + 186 = 1532 ( Second price squaring )
next 188 days from 20th February 2019 falls on 27th August which is also 0.618 ratio of the 609 internal time we discussed earlier.
So, we wait and see what price will do on this time zone to confirm next direction of price action