Price target predictions using Fib Retracement and Fib extension
ABC correction seems to have finished and first impulse wave has now been completed. Based on first impulse wave we can now get some targets going for waves 2/3. Based on these targets waves 4/5 can be roughly estimated also.
To get Resistance support levels (purple lines) : Used Fib retracement from previous rally up to ATH
To get Elliot wave wave targets: Used Fib retracement on first completed wave to get predicted target. Then using predicted targets to further use Fib extension/retracement to Predict a full 5 wave analysis. Using resistance/support levels to reinforce price action.
Have only used Fib extensions/retracements to predict these targets. Have analysed the previous years rally/crash and same Fib levels have been hit consistently. This is supportive that these target levels will be reached.
Have primarily focused on Wave 3 targets because waves 4-5 are harder to predict until wave 3 has been completed. Still waiting for wave 2 to complete - have used fib levels to predict wave 2 targets (Orange/Red lines). based on wave 2 targets I have been able to get a rough estimate on wave 3 targets - Green/yellow lines.
Timeline is very sketchy, have based a rough timeline based on another graph, showing We should hit $1 by June/July.
Any opinions appreciated.
To get Resistance support levels (purple lines) : Used Fib retracement from previous rally up to ATH
To get Elliot wave wave targets: Used Fib retracement on first completed wave to get predicted target. Then using predicted targets to further use Fib extension/retracement to Predict a full 5 wave analysis. Using resistance/support levels to reinforce price action.
Have only used Fib extensions/retracements to predict these targets. Have analysed the previous years rally/crash and same Fib levels have been hit consistently. This is supportive that these target levels will be reached.
Have primarily focused on Wave 3 targets because waves 4-5 are harder to predict until wave 3 has been completed. Still waiting for wave 2 to complete - have used fib levels to predict wave 2 targets (Orange/Red lines). based on wave 2 targets I have been able to get a rough estimate on wave 3 targets - Green/yellow lines.
Timeline is very sketchy, have based a rough timeline based on another graph, showing We should hit $1 by June/July.
Any opinions appreciated.
