PEPE / USDT - Elliot Wave UpdateTopic: Hit end of Wave 3 into 4
Left chart Macro Elliot Wave:
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Pepe Elliott Wave 0-1-2-3-4-5 showing that (i believe) we've ended Wave 3 and probably in Wave 4. The 1.27 is an extension of 1 to 2 (debatable if that's correct).
End here is 3 to 4. 3 We've hit (I believe) 4 needs to be fulfilled.
To gauge 4 ending we pull Fib from the Top of Wave 2 down to the lowest low (end of wave 3 - our assumption).
This leaves fibs 0.236, 0.382, 0.5, and 0,618 as target highs to end Wave 4.
It's said that Wave 4 has equality of Wave 0 to 1. Which makes me believe that 0.5 or 0.618 are the target highs.
NOTE: Middle and Right chart coexist -> As in, the Gartley might not come down and therefore the CRAB Harmonic will kick in (what I'm saying is, don't wait for the price to come down to fulfill the gartley BUT also dont expect the price not to come down to fulfill the gartley, AND DONT EXPECT EITHER TO HAPPEN. Risk management -> nothing certain, only probabilities).
Middle chart (Possible CRAB Harmonic):
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Showing a demonstration (lets call it A) of the inner workings of Wave 4 playing out.
X to A resistance at 0.618 to form B.
Retrace to and between 0.382 to 0.888 to form C
C to D 1.618 which leads to a possible (probable) end of Wave 4 at 0.5.
Right chart (Possible Gartley Harmonic):
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X to A = B 0.618
B to C 0.618 to 0.888
POSSIBLY to D as noted in NOTE above.
OR continuation of CRAB harmonic.
I've put probable buys and sell areas as guidance to my thoughts. Trade safe and if I've forgotten anything I wanted to articulate I'll update.
For me a learning exercise. Things only make sense the more data you have.
Knowledge base:
ChartChampions - None other than Daniel and his Team to learn from!
Book wise atm: JARROD SANDERS - Elliott Wave FIBONACCI HIGH PROBABILITY TRADING
Oh and definitely think that this was an extended Wave 3! I got suckered thinking I knew the levels without waiting and being patient before taking a trade! Patience and risk management for me is half the story! I know my levels but I'm a losing trader because I don't have patience. <3