Since we have broken down to 50.23 from the bearish triangle, and a nice 5 wave impulse up to 56.4 hitting 76.4 of A, we are seeing C coming. But more importantly, we are seeing all the C's line up.
IF AB=CD then we have
External AB=BC at 61.8% AND..
Another larger external AB=BC at 61.8%.
If we go higher than 56.4 we lose all the C's from lining up!
Remember that when cycles within cycles are lining up in fib. retracement, they become more powerful predictors.
IF AB=CD then we have
External AB=BC at 61.8% AND..
Another larger external AB=BC at 61.8%.
If we go higher than 56.4 we lose all the C's from lining up!
Remember that when cycles within cycles are lining up in fib. retracement, they become more powerful predictors.
Note
Another side note, AB=CD shows the 61.8% of the beginning of the 5 wave impulse. Another possible qualifier for AB=CD. 48.5 looks like a nice target.Note
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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.