Updated
#Matic Elliot's Scenario
In the daily and weekly time, it is moving in an upward channel for a while, and the current wave is the 5th wave of the 3rd wave. This larger cycle should not enter the range of 60 cents, in which case there will be an overlap and the analysis will be invalidated. But in the bigger time, which I will present after completing the current step, we will examine the possibility of a bigger super cycle that will also form a flag.
Note
Wave 3 is completed in the area marked with a 5-wave structure. Currently, it has a three-wave correction, which can continue with a larger upward wave 5. In addition, if the corrective wave enters the wave of a range of 60 cents, this scenario will be invalidated, and then we had a three-wave scenario that has been completed.Note
This movement wave will have at least the ability to reach its previous ceiling, which can complete a full upward cycle. And then we should see the correction of wave 2 higher cycle or super cycle.Note
According to the analysis, it is currently in the microwaves of wave 5 of 3, which according to the momentum should probably end above 100% of the Fibo of the previous wave, i.e. in the red box, and then you should wait for wave 4 correction. In the first red box, you can wait for the reaction, and if there is a negative reaction, you can temporarily save the profit or trail the profit limit.Note
Well after moving above 100% of the previous wave. It should be able to break this supply area with support at 0.97. Therefore, the next targets are 1.061 - 1.077Note
After touching the supply range of wave 5 of 3, it is finished and after a short correction to the range of 100, the previous wave is in the microwaves of wave 5. Therefore, this wave should touch the next supply range. The invalidity of the analysis is indicated in the chart.Note
According to the scenario, the behavior and structure progressed to the supply area, which I tried to analyze step by step. If the post was useful for you, support it by liking and commenting.Note
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Related publications
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.