Why sub $1.20 will be a good long entry
This is my current EW count for WIF. If we get the chance, buying below $1.20 offers a 4-5x reward if it can reach my Wave 5 target area between $6.40-$7.20. I believe the recent bump up off the lows is just a corrective sub wave 4 on the C leg of an ABC for Wave 4.
The reason WIF had such a big correction after it’s Wave 3 is likely due to an extended sub wave 5 and the fact that large corrections usually revisit the previous 4th wave price range of a lower degree. I like the 0.786 retracement of Wave 3 as the most likely bounce spot to begin the final 5th Wave.
Best of Luck to Everyone!
The reason WIF had such a big correction after it’s Wave 3 is likely due to an extended sub wave 5 and the fact that large corrections usually revisit the previous 4th wave price range of a lower degree. I like the 0.786 retracement of Wave 3 as the most likely bounce spot to begin the final 5th Wave.
Best of Luck to Everyone!
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.