On the 4H timeframe, we can clearly see the end of WA1 (Elliot wave), double tops at 144.918 along with a reversal trend formation ending at 143.305.
If movement breaks, we will definitely see a continuous short trend to hit 50% at Fibonacci level to hit next support at 138.738 forming Wave A from WA2 (Elliot wave)
As we can see on the 4H timeframe, US100 already finished Elliot Wave 1 and a bearish reversal candle is forming to change trend to bearish and hit 50% at Fibonacci extension which is a major support 12189.7.
Figure is showing through the 4H Timeframe chart Lower Highs and Lower Lows
Bearish tunnel is formed and price rejection at 18.20 will lead to a new support formation at 17.05
On 4H timeframe, Elliot Wave 1 was completed with a key reversal at 13366.
A clear divergence is leading to Wave 2 to a target of 12464, 50% Fibonacci extension
After strong Bearish move,
the market will make a correction to 94.26 at 0.618%
Fibonacci extension level and then a new down trend wave will end up at 88.5
*On the 1 hour timeframe, we are on wave C from Wave 2 (Elliot Waves pattern) with a strong support at 134.272
*If Wave C meets Wave A, we might have a reversal pattern (Long), to start Wave 3 that will trace approximately 100% of Wave 1 on Fibonacci retracement with the all time highest resistance at 147.529
*On the over hand, if wave C crosses the support the...
