Kadena 2nd Wave Play
Updated
1st wave cycle completed. Looks like for 2nd wave, we have A in a smaller degree in, now we need to see a rise in B (looks like a FLAT) and then we will find a lower low for C.
Thereafter, we take off for an epic Wave 3 run.
Blue carrot icons mark fib levels for a Wave 2.
Thereafter, we take off for an epic Wave 3 run.
Blue carrot icons mark fib levels for a Wave 2.
Comment
Zooming in on 8HR, things going as expected so far.Comment
Anything beyond current move are not prediction levels just general area. Only thing I am watching at the moment is the red carrot icons to form a bounce of B finishing. We then rise, but until the bottom is found here, we can't put fib levels for smaller C (red) and B (green) yet, nor can we do the lower C (green). Blue Wave 2 can because Wave 1 is completed. Therefore, I try to matchup multiple degrees of Elliot Wave as the market plays-out. Doing this lets me find out sooner if I am off then just waiting on a higher time frame like 1 Day or 3 Day.
Therefore, we are currently at a fib level that could hold if idea of mine holds. But, there are two lower as well. If I breakdown a degree smaller on red B down, the lower levels are possible too.
Comment
Great buying opportunities are presented. I have added to my position at 9.40s. I am anticipating 1 more sweep down to this marked green area before we find movement back upward. Then, the marked red range will become important. It can either reject and put us into a Triple Zig Zag - or - we continue upward in Wave 3.Comment
Adjusted Count - Triple Zig Zag - Same TargetComment
$14.25 hit as anticipated. NOW is the moment of truth... Here I feel we sell back off to get a new low BEFORE we bounce. This idea invalidates if we get a higher low and continue upward.Took profits on my swing position portion. Have my long-term holdings. But, I do take swing positions to accumulate more without further funding.
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.