Hi guys,
Quick update.
I believe subwave 3 has completed at 7865 on my chart, on a lower candle wick!
Check out my previous ideas, where I posted my target of 7850 (in the follow up comment section).
We freeking nailed it! My wave analysis has been ON POINT! Lets keep this going!
Side note: I'm not claming to be perfect, and I will always own up to a failed analysis. Just because we've been hitting the last few targets, doesn't mean we'll hit the next one. There's always suprises and u-turns that cause a failed analysis. But we learn and move on. So please be careful with your trades and never blindly follow an internet analyst. You must take ideas from others and do your own analysis, and come to decisions that you are comfortable with. If you blindly trade based on someone else's advice, don't blame them for a failed trade. Man up, take ownership for your decision ... and commit to keep learning and educating yourself, so you are less reliant on the opinions of strangers on the internet. This is just my preemptive strike against trolls that will come out of the woodwork on my next failed call :)
Here's the explanation on my Sub wave 4 analysis:
- Subwave 2 and Subwave 4 often counterbalance each other on the amount they retrace.
- Subwave 2 had a smaller retracement after subwave 1... it only went up to the 0.382 level.
- Therefore I expect Subwave 4 to have a bigger retracement that subwave 2's 0.382.
- I'm gonna target the 0.618 retracement, up to the 0.65 level.... this tight band is known as the "golden pocket". Alot of trading bots and stop orders are set at the 0.618.... the 0.65 level takes care of the peaks and fake outs.
Lets watch how this plays out, and I'll start analysing the 3 ABC subwaves of subwave 4 as they form!
Good luck Trading!
LLCoolRS
Disclaimer: This is not financial advice, and is given for educational purposes only. I make the charts, you make your own trades. Never blindly follow internet advice for your financial decisions... any analyst can and will be wrong.