We're in:
- III Cycle Wave (purple)
- (2) Intermediate Wave (blue)
- C minor leg (red)
In my humble opinion, we might be right in the ABC correction.
Next buy zone - red rectangle.
However, to validate this count we need to break through 2 support lines before it gets there.
On the bottom - major support line (it coveres with 0.786 level - very bottom of possible retracement.)
On the other hand I believe there is a small chance to break down through 0.65 fib retracement as there also we find a strong support ( which is also a resistance for previous wave 3.
Targets:
1:1 extension (blue)
1:1.618 (green)
- III Cycle Wave (purple)
- (2) Intermediate Wave (blue)
- C minor leg (red)
In my humble opinion, we might be right in the ABC correction.
Next buy zone - red rectangle.
However, to validate this count we need to break through 2 support lines before it gets there.
On the bottom - major support line (it coveres with 0.786 level - very bottom of possible retracement.)
On the other hand I believe there is a small chance to break down through 0.65 fib retracement as there also we find a strong support ( which is also a resistance for previous wave 3.
Targets:
1:1 extension (blue)
1:1.618 (green)
Trade closed: target reached
It bounced off the support line. Hence, the idea is cancelled.
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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.