Targets Down Below

Apr 27, 2022

4-5 Month ABC about to complete. We are on leg C which is typically a 12345 EW of the big ABC zig-zag. We have 1 and 2 (maroon) and it looks like a smaller 1 and 2 (red) on the 3 (maroon). Finishing targets are the horizontal lines of both purple boxes, i.e. C=A or C = 1.23A or C=1.38A or C=1.62A.

If we consider the structure of the 12345 so far and extrapolate the typical targets for a 12345 EW at both levels (maroon and red), then the most likely C target becomes C=1.38A

Apr 27, 2022

Note

The left-to-right Fib channel is marked up from the Jan 2020 highs to the March 2020 lows and matched to the Jan 2022 highs.