Wave C Correction, are we ready to reverse?
Currently we are in Wave C correction, the last wave of correction in this 12345abc structure.
We got support at a YELLOW support trend line that started since Nov.
Currently Wave C is in between 0.5 to 0.618 FIB Extension of Wave A.
Ideally I'd like to see Wave C correct to at least to 0.618 Extension of Wave A.
So if the yellow support line fail, we will see if it hold the 0.618 extension of Wave A Level
Or what's after that would be 0.786 extension of Wave A, or a 0.618 retracement of the previous 12345 Impulse wave patter.
Fundamental can play into the Fib level I mentioned, we can have a slow chop down to those level until US president take office and announce his plan to improve the country's economic outlook.
To simplify what I mentioned above, here is our support target for entry (trade at your own risk)
$3110.96 (0.618 extension of Wave A).
$3029.16 (0.618 retracement of the 12345 Impulse Wave Structure).
$2942.10 (0.786 extension of Wave A).
$2735.29 (0.786 retracement of the 12345 Impulse Wave Structure).
$2727 (1.0 extension of Wave A)
Happy trading, don't catch the falling knife.
We got support at a YELLOW support trend line that started since Nov.
Currently Wave C is in between 0.5 to 0.618 FIB Extension of Wave A.
Ideally I'd like to see Wave C correct to at least to 0.618 Extension of Wave A.
So if the yellow support line fail, we will see if it hold the 0.618 extension of Wave A Level
Or what's after that would be 0.786 extension of Wave A, or a 0.618 retracement of the previous 12345 Impulse wave patter.
Fundamental can play into the Fib level I mentioned, we can have a slow chop down to those level until US president take office and announce his plan to improve the country's economic outlook.
To simplify what I mentioned above, here is our support target for entry (trade at your own risk)
$3110.96 (0.618 extension of Wave A).
$3029.16 (0.618 retracement of the 12345 Impulse Wave Structure).
$2942.10 (0.786 extension of Wave A).
$2735.29 (0.786 retracement of the 12345 Impulse Wave Structure).
$2727 (1.0 extension of Wave A)
Happy trading, don't catch the falling knife.
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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.