Type Of Correction: The main difference between a regular A-B-C correction and a W-X-Y is the sub-wave count. While the A-B-C formation often has a 5-3-5 or 3-3-5 wave count, every wave in the W-X-Y correction consists of three sub-waves, amounting to a 3-3-3 correction. Since the W and Y waves often have the same length, this correction could end in June 29, 2020.
Possible Bottom : The decrease from the top of the W wave to the top of the X wave was 37.41%. It would make sense for the decrease from the bottom of the W wave to the bottom of the Y wave to be similar since the W and Y waves often have the same length, giving a low of $2200.
Future Movement:: It seems that the price is in the C sub-wave of the larger Y wave. This is expected to be an extended wave, similar to the C sub-wave of the W wave.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.