Every impulse wave has a correction. What goes up must come down. For NUAI, the time to come down has finished. You can see the end of the A, B, C cycle on a 15 min timeframe. Wave C closed with 4 subwaves down with the 5th subwave extending lower after hours.
What's interesting with this correction is how high wave B extends past wave A, which shows great optimism in this market. Wave C also extends more sideways rather than straight down at a steep angle, which is another indicator of optimism.
What I would expect next is a strong impulse wave to the upside. There's always a possibility of an extended correction, but given the high optimism here, I don't believe there will be.
In terms of readability and movement, I would rate this elliott wave an 8.8. The waves are fairly easy to read and the movement is smooth and steady. In other words, the waves do not halt and stall for a long time. Just today, it was able to finish wave B and C, which is great movement.
What's interesting with this correction is how high wave B extends past wave A, which shows great optimism in this market. Wave C also extends more sideways rather than straight down at a steep angle, which is another indicator of optimism.
What I would expect next is a strong impulse wave to the upside. There's always a possibility of an extended correction, but given the high optimism here, I don't believe there will be.
In terms of readability and movement, I would rate this elliott wave an 8.8. The waves are fairly easy to read and the movement is smooth and steady. In other words, the waves do not halt and stall for a long time. Just today, it was able to finish wave B and C, which is great movement.
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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.