Classic ElliottWave 5 Wave Impulse & 3 Wave Correction Potential
Elliott Wave bread and butter. 5 waves up followed by a 3 wave correction.
Perhaps this is what we will find around my target of .8340, which is also good
support from the last 2 days of Nov. and the .382 retracement.
Given the short and shallow nature of waves 2 and 4 hopefully this will be the case.
BUT, there is always a BUT, what looks like the C wave may just be a c wave of
an a-b-c wave A with a B and C to come.
And, whether this is a B Wave or a 3rd Wave they both point in the same direction - UP.
As always, I'll be looking for the candlesticks to help me with the entry.
Tight stops with an eye to re entry since Wave 2 can retrace all of Wave 1
and still be valid.
Depending on the final bottom of Wave 2 -----
Targets are A = C 1:1 = .8480 area or a Wave 3 @.8575 area.
Caught Wave 1 up, can we catch Wave 3 ?????
Perhaps this is what we will find around my target of .8340, which is also good
support from the last 2 days of Nov. and the .382 retracement.
Given the short and shallow nature of waves 2 and 4 hopefully this will be the case.
BUT, there is always a BUT, what looks like the C wave may just be a c wave of
an a-b-c wave A with a B and C to come.
And, whether this is a B Wave or a 3rd Wave they both point in the same direction - UP.
As always, I'll be looking for the candlesticks to help me with the entry.
Tight stops with an eye to re entry since Wave 2 can retrace all of Wave 1
and still be valid.
Depending on the final bottom of Wave 2 -----
Targets are A = C 1:1 = .8480 area or a Wave 3 @.8575 area.
Caught Wave 1 up, can we catch Wave 3 ?????
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.