The daily is starting to develop the hidden bullish divergence argument here. Referencing the path of Impulse 1, a 50% to 61.8% retrace is expected and seems to be bottoming out. However i do have plotted the 50% retracement of CD which could complete a Bullish 5-0 structure out of the larger Bearish Shark which would be confluent with the 886 of impulse 2 and complete a bullish shark. These are things that cant be ruled out without more data.
The initial impulse up from 28k ended at 42000. The 1.618 extension of that is the completion of that impulse at 50,546.
The 1.618 of that entire wave gave us the 68,000 top and was confluent with the 1.618 extension of the first leg of Impulse 2.
On these impulses weve been coming down to the 50%-61.8 retracements, and then continuing. We are testing the 50% mark on the last wave from 41241 up to 68000.
We are still looking for a 3rd impulse up completing the larger 5 point wave at approx 84500, which is near our Weekly ABCD target of 87k
We are still in a trade and the trend is still intact.
The initial impulse up from 28k ended at 42000. The 1.618 extension of that is the completion of that impulse at 50,546.
The 1.618 of that entire wave gave us the 68,000 top and was confluent with the 1.618 extension of the first leg of Impulse 2.
On these impulses weve been coming down to the 50%-61.8 retracements, and then continuing. We are testing the 50% mark on the last wave from 41241 up to 68000.
We are still looking for a 3rd impulse up completing the larger 5 point wave at approx 84500, which is near our Weekly ABCD target of 87k
We are still in a trade and the trend is still intact.
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discord.gg/2b6UjxEY
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Related publications
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.