Wave 4?
In my last post I stated we were due for a retrace. We got that retrace and then made another high to complete our 5 waves and our Wave 3 extension. We are now due for the primary Wave 4 retrace.
Wave 2 was shallow, quick, and a simple zig-zag structure. This tells us to expect Wave 4 to be deep and long. In the chart above there are 2 fib lines drawn. The blue one is the one I want you to focus on. It is the entire Wave 3 run we just embarked on. Now, we could get OMH still yet, and if so it'll change these targets a little.
The yellow box is my target for this retrace. I know it is rather large, however as I said this wave will be complex. I think it will end more so in the range of $145-165 (.382%-.618%). The important thing to watch is the structure. Sentiment is obviously bullish which will make things even more complex IMHO. Time will tell. I'll update again with better targets after Wave 4 starts to carve itself out.
Bonam Fortunam,
--Tyler
Wave 2 was shallow, quick, and a simple zig-zag structure. This tells us to expect Wave 4 to be deep and long. In the chart above there are 2 fib lines drawn. The blue one is the one I want you to focus on. It is the entire Wave 3 run we just embarked on. Now, we could get OMH still yet, and if so it'll change these targets a little.
The yellow box is my target for this retrace. I know it is rather large, however as I said this wave will be complex. I think it will end more so in the range of $145-165 (.382%-.618%). The important thing to watch is the structure. Sentiment is obviously bullish which will make things even more complex IMHO. Time will tell. I'll update again with better targets after Wave 4 starts to carve itself out.
Bonam Fortunam,
--Tyler
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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