Updated

Possible Minor Correction | Things to Look Out For

On a 45 min chart, the fib retracement levels for wave (4) are shown in case the triangle pattern continues. (Note that the previous wave (2) correction retraced to the 0.786 fib level).

Suggestions:

watch for a crossover with the 8,13,21,55 EMAs for a bearish signal
watch the MACD for a bounce (for a bearish signal) or a crossover (for a bullish one)
watch the RSI for a bounce (for a bearish signal) or a breakout (for a bullish one)

Once this possible correction is complete (above the wave (3) low, then we might get to see a 5th impulse wave.

(This is just an idea, not financial advice.)

Note

On the 30 min chart, we see a throwover happen before we possibly head further downwards.

- Still, keep an eye out for a crossover with the 8,13,21,55 EMAs for a bearish signal.
- The MACD is showing bearish signal.
- The RSI is showing a bearish pattern.

Note

ABC correction subwave c has been confirmed and is currently active! Now watching for potential reversals near the provided fib levels.

Note

Wave (4) low has formed. Impulse wave appears to have already commenced, with the first two or maybe thre, sub-waves completed. Target fib extensions are shown in the chart below.

Note

An bullish scenario for if we remain above the wave (4) low where an impulse failure is accounted for (WXY double correction pattern) with a double bottom, is shown in the graph below:

madwarrior

Related publications

Impulse Wave | Correction Wave (2) Low | Trade Idea

by madwarrior

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