Now that our ABC correction has been had, the next leg up is Wave 3 which is the steepest and strongest of all the 5 waves, so I am looking forward to some good price action over the next week or so. Wave 3 is made up into 5 sub-waves so this prediction is related to wave 1 of wave 3 -
I feel that it is more probable that price will target $1.31 and bounce off the Symmetrical Triangle completing Wave 1. Price will then retrace back to the 50% Fib Levels before continuation into Wave 3. In doing so the inverse head and shoulders pattern will be activated with price targeting $2.40, giving confluence to the $2.80 price targets based on the Fib Levels.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
- I am paying attention to 3 key resistance zones at $1.21, $1.31 and $1.40 these zones are potential areas where Wave 1 could end and Wave 2 retracement begins.
- Price is appearing to fall within a Symmetrical Triangle, and price may bounce off the $1.31 area.
- There is an inverse head and shoulders at play which I will provide a picture below.
I feel that it is more probable that price will target $1.31 and bounce off the Symmetrical Triangle completing Wave 1. Price will then retrace back to the 50% Fib Levels before continuation into Wave 3. In doing so the inverse head and shoulders pattern will be activated with price targeting $2.40, giving confluence to the $2.80 price targets based on the Fib Levels.
I regularly update these idea’s as price develops, if you want to be kept updated Follow and Like. Leave a comment if you have any questions.
Thanks
Hey Wippa
Comment:
Just to be open minded. I am going to do some TA on a bearish scenario, just in the instance that the correction we are having is not a an ABC correction but, in fact a WXY correction and further downside could be in play.
Comment:
We are not out of the woods yet unfortunately as there is the potentially for this to roll over, and turn into a more complex WXY correction. Price is also constrained within a descending wedge which is bearish, and price can head back down towards my original price target of $0.80. Keep an open mind, and trade with caution. For the moment I have exited the market and I will wait for better confirmation, but made a tidy profit as I bought in at $0.86.
We are not out of the woods yet unfortunately as there is the potentially for this to roll over, and turn into a more complex WXY correction. Price is also constrained within a descending wedge which is bearish, and price can head back down towards my original price target of $0.80. Keep an open mind, and trade with caution. For the moment I have exited the market and I will wait for better confirmation, but made a tidy profit as I bought in at $0.86.
Order cancelled
Inverse head and shoulders pattern.