Reversal confirmed!! Here are my thoughts for what's to come.
Updated
In my previous post, I shared my Elliot Wave count on the macro-scale. I also stated that monday will either make or break my reversal thesis. As you may have guessed, today's price action confirmed the reversal, for me atleast. Now, let me walk you through my EW count on the micro-scale ( assuming we bottomed and now in a bull trend). Today, we closed at $43.09 withing the fifth and final wave. If we topped in our mini bull run, then we can expect a consolidation in the next couple of days to the 61.8% fib level. I will update with my short term PT's if we reach there.
p.s. I would prefer a consolidation over a straight rip tomorrow, let the rsi cool off a little bit before the next run. But hey, who doesnt love green candles huh? Good luck in the markets!
Side note: I just started sharing my ideas two days ago. If you like them, give me a follow. It would be much appreciated.
p.s. I would prefer a consolidation over a straight rip tomorrow, let the rsi cool off a little bit before the next run. But hey, who doesnt love green candles huh? Good luck in the markets!
Side note: I just started sharing my ideas two days ago. If you like them, give me a follow. It would be much appreciated.
Note
Ok so here is the consolidation im talking about. I will be satisfied around $40 tbh.Note
You know what's to come now hahaha look at that beautiful 61.8%Note
So far, my count has been picture perfect. If we reverse tomorrow, know that my PT will be $52-62. Nothing to worry about today's price action. Totally normal. Grab some popcorn, kick back, and enjoy the show.
Note
Just a quick note. After I first published my count, i thought the fifth wave ended at 44.45. That was not the case so a recount was done. If you want to see the 61.8%, draw it from the bottom to the top. Thank you.Trade closed: target reached
I think we are at the end of our fifth wave now. Best case scenario is that it goes up to 55ish. Expect a downturn as a 'second' wave. New short idea coming soon.
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