Pepe - Previous Elliot Wave Count Explanation

Jan 24

I want to explain fro a previous wave and Trend Based Fib Retracement why I'm more bullish at 1.618 than 2.0 at the moment.

Previously you can see how 1.618 had no impact on support. Looking at my previous post (where we are now) there seems to be more support at this level.

Then is not now. Looking at the levels.

Shows both Gartleys:

The key is Trend Based Fib retracement tool for supportt/resistance levels. Thats a massive start!

Jan 24

Trade active

What I'm showing in this main diagram/chart is that previously 1.618 had no support what so ever. Now there seems to be an interest when drawing the same levels with the current time frame. Initially, 2.0 is my target, BUT 1.618 seems to be holding. Non bias, keeping an eye on 1.618 and not expecting 2.0 for a bottom.

Jan 24

Trade closed: target reached

Lets see how this plays out. :

Jan 24

Note

As you can see were bouncing off 1.618 and not 2.0 as before. Can only wait and see!