The Elliott waves theory seems to confirm the last wave C that must be at least as large as wave A and often extends to 1.618 times wave A or beyond.
So following my previous analysis we can still go down to 36k which is the golden ratio (1.618) of wave A and confirm Elliot wave theory but from now it is also valid.
Extracted from the relationship between Elliott Waves and Fibonacci ratio, a 78.6% retracement level is identified as a best place for buying (in continuation to the larger trend which is still bullish) as it increases the risk to reward ratio up to 1:3.
We are actually at 42450$ which is 78.6% of last retracement.
So following Elliott Wave theory and Fibonacci sequence, we are ideally placed to buy.
Stop loss = 38k$ (~5% from lower low of 39500$)
Take profit = 46k-47k$ (around Fib 0.5)
So following my previous analysis we can still go down to 36k which is the golden ratio (1.618) of wave A and confirm Elliot wave theory but from now it is also valid.
Extracted from the relationship between Elliott Waves and Fibonacci ratio, a 78.6% retracement level is identified as a best place for buying (in continuation to the larger trend which is still bullish) as it increases the risk to reward ratio up to 1:3.
We are actually at 42450$ which is 78.6% of last retracement.
So following Elliott Wave theory and Fibonacci sequence, we are ideally placed to buy.
Stop loss = 38k$ (~5% from lower low of 39500$)
Take profit = 46k-47k$ (around Fib 0.5)
Trade closed: target reached
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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.
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.