Eliiot Wave Update
Firstly, I'm bias that I believe were in Wave 4.
Depicted wave count 1 2 3 4 5 in orange may very well be as it is, in that the last low is 5. My bias comes in because from what I've read, 5th wave usually 1.27 fib extension drawn from 1 to 1 to 2. As can be seen, 1.272 is at 0.0000336.
The green paralellel channel from the high to the next higher high. As can be seen with circle support, we found a good reaction to the upside.
Short/medium term looking at the Anchored VWAP (White) and channel top as resistance.
Currently 1.0 a strong support as well as resistance.
My biase based wave theory means that were currently in the 4th wave to the upside, so looking at resitance EXACTLY at the anchored VWAP (white), breaking that to the upside targets of the short fibs drawn to the right that arent extended all the way to the right. Meaning, resistance being,0.382, 0.5, and 0.618.
If that is the end of Wave 4. The price would then see a retracemment to Wave 5, to 1.272.
Non bias view where Wave 5 has been hit already.
Were in a corrective ABC pattern. (This is the part I'm not so sure about).
Then Were in A(1) here no one knows how deep that is but it's good that were going up because A = up B = down and C = up (c or 3 being the longest waves.
If were in the corrective phase, currently were in Wave A (1).
Technically nothing changes. I think. Wait to see how It plays out.
Overall, currently I would NOT be bearish, looking at the next resistance first!Which is (either Wave 4 or correction) 0.236 price 0.000095
Firstly, I'm bias that I believe were in Wave 4.
Depicted wave count 1 2 3 4 5 in orange may very well be as it is, in that the last low is 5. My bias comes in because from what I've read, 5th wave usually 1.27 fib extension drawn from 1 to 1 to 2. As can be seen, 1.272 is at 0.0000336.
The green paralellel channel from the high to the next higher high. As can be seen with circle support, we found a good reaction to the upside.
Short/medium term looking at the Anchored VWAP (White) and channel top as resistance.
Currently 1.0 a strong support as well as resistance.
My biase based wave theory means that were currently in the 4th wave to the upside, so looking at resitance EXACTLY at the anchored VWAP (white), breaking that to the upside targets of the short fibs drawn to the right that arent extended all the way to the right. Meaning, resistance being,0.382, 0.5, and 0.618.
If that is the end of Wave 4. The price would then see a retracemment to Wave 5, to 1.272.
Non bias view where Wave 5 has been hit already.
Were in a corrective ABC pattern. (This is the part I'm not so sure about).
Then Were in A(1) here no one knows how deep that is but it's good that were going up because A = up B = down and C = up (c or 3 being the longest waves.
If were in the corrective phase, currently were in Wave A (1).
Technically nothing changes. I think. Wait to see how It plays out.
Overall, currently I would NOT be bearish, looking at the next resistance first!Which is (either Wave 4 or correction) 0.236 price 0.000095
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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.