One of the earliest wave counts for the potential impulse.
Second wave (green, circled) - is a zigzag.
According to EWT, fourth wave, in this case, is likely to be a flat pattern - that is, a flat or a triangle.
I assume an expanded flat in the fourth wave, that has to be completed without overlapping the wave 1.
Also, the fourth wave may travel also deeper than 38% against the wave 3, the next fibo level - and it is ok with EWT, is 50% retracement.
So, on the H4 frame I assume a lower low to complete the 5-waves-sequence in the wave (c) of the flat, and a likely reversal.
Target for this structure - for the impulse to be completed perfectly within the Fibo - is $150k
Tried to visualize again on the chart.
Trade safe!
Second wave (green, circled) - is a zigzag.
According to EWT, fourth wave, in this case, is likely to be a flat pattern - that is, a flat or a triangle.
I assume an expanded flat in the fourth wave, that has to be completed without overlapping the wave 1.
Also, the fourth wave may travel also deeper than 38% against the wave 3, the next fibo level - and it is ok with EWT, is 50% retracement.
So, on the H4 frame I assume a lower low to complete the 5-waves-sequence in the wave (c) of the flat, and a likely reversal.
Target for this structure - for the impulse to be completed perfectly within the Fibo - is $150k
Tried to visualize again on the chart.
Trade safe!
Note
Just in case - the wave (c) may be already done.As a chance - there is an interesting fibo level - 62% - used to measure the length of the wave 5 in an impulse, based on the net distance, covered by waves 1-4.
This impulse is not visually perfect - wave iv is very short compared with wave ii. Anyway, it is still valid.
As a reversal - we may have got a leading diagonal, and the local second wave should be completed soon.
Will See
Note
and drilling down to the lower frame: a "sweet zone" for the second waves - retracement to 62-78%.Mind the divergence with RSI indicator.
Culmination point is near. breaking down 78 level is a bearish continuation signal, although, the impulse is valid until its start is not challenged.
chao)
Note
and an alternative - to complicate it more))A leading diagonal and a flat. Latest consolidation is likely a triangle, need a lower low.
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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.