This is purely so I can practice for my elliottwave exam.
This could be a wave 5 move of the greater trend, or this could be a wave 5 of the wave 3 of the impulse.
I am more convinced that this is the wave 5 of the greater impulse since we have seen a move to the 1.65, which is the usual wave three target.
This seems like an impulse since it meets the following critere:
Broke out of the base channel
Can not be contained within parallel lines
A 5 wave move, followed by a 3 wave, followed by and extended 5 wave move and then a 3 wave.
The wave 2 and the wave 4 show the alternation guideline. Wave 2 is short and a zigzag, where as wave 4 seems to be a longer flat or triangle shape.
Target for this trade is 2.414-2.618 range.
Expermenting with time analysis
Since the wave 4 divides the impulse in fibonacci time and or price, I am assuming that the end of the wave 4 means the wave is 0.786% done. I expect that the final wave should end April 7th 2021 at 12:30 or sometime between 8:00 and 13:15
This could be a wave 5 move of the greater trend, or this could be a wave 5 of the wave 3 of the impulse.
I am more convinced that this is the wave 5 of the greater impulse since we have seen a move to the 1.65, which is the usual wave three target.
This seems like an impulse since it meets the following critere:
Broke out of the base channel
Can not be contained within parallel lines
A 5 wave move, followed by a 3 wave, followed by and extended 5 wave move and then a 3 wave.
The wave 2 and the wave 4 show the alternation guideline. Wave 2 is short and a zigzag, where as wave 4 seems to be a longer flat or triangle shape.
Target for this trade is 2.414-2.618 range.
Expermenting with time analysis
Since the wave 4 divides the impulse in fibonacci time and or price, I am assuming that the end of the wave 4 means the wave is 0.786% done. I expect that the final wave should end April 7th 2021 at 12:30 or sometime between 8:00 and 13:15
Trade closed: target reached:
It is incredible to think that we hit the top at 10 am, which was only a couple candles off of my original idea. All in all, a really well-planned trade.