Follows the Elliott Wave principle, and we are currently in the B wave phase of a zigzag correction (ABC) within the fifth wave (Wave 5) on the weekly timeframe. After completing the impulsive movement of Wave 5, the market has entered a correction phase, with the A wave showing a sharp decline and the B wave currently unfolding. This B wave represents a countertrend rally, often characterized by a retracement of the A wave's movement, but it is not expected to exceed the starting point of Wave A. The market is likely to continue this upward correction in the B wave before it eventually transitions into the final C wave, which should lead to a deeper retracement
P/s : Not financial advice
P/s : Not financial advice
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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.