Elliot Wave confirmed, leads to a bullish conclusion!
Yesterday it wasn't clear whether
1. Wave 1 ended at $8700, and wave 3 ended at $9150, and we were therefore on Wave 4
or
2. Wave 1 ended at $9100, and were therefore on wave 2.
Given that the corrective wave ended at $8300, that means it has to be wave 2 since wave 3 cannot retrace into wave 1.
It looks like We are currently on Wave 3, and it looks like Subwave 1 of Wave 3 ended at $8765. It looks like we're on corrective Subwave 2 of Wave 3, which will probably end around $9400-$9500.
Wave 3 is unlikely to end at the resistance point of $9350, because that would mean that Wave 4 would have to end higher than $9150 (wave 1) which would make wave 4 very shallow. Therefore I have Wave 3 ending past $9400 - possibly $9600, $9800 or even 10k.
1. Wave 1 ended at $8700, and wave 3 ended at $9150, and we were therefore on Wave 4
or
2. Wave 1 ended at $9100, and were therefore on wave 2.
Given that the corrective wave ended at $8300, that means it has to be wave 2 since wave 3 cannot retrace into wave 1.
It looks like We are currently on Wave 3, and it looks like Subwave 1 of Wave 3 ended at $8765. It looks like we're on corrective Subwave 2 of Wave 3, which will probably end around $9400-$9500.
Wave 3 is unlikely to end at the resistance point of $9350, because that would mean that Wave 4 would have to end higher than $9150 (wave 1) which would make wave 4 very shallow. Therefore I have Wave 3 ending past $9400 - possibly $9600, $9800 or even 10k.
Note
I meant "wave 4 cannot retrace into wave 1" - typo
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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.