We currently see a clear example of Regular Flat ABC correction wave.
we can also see a number of 1H hammer candles and a forming 4H hammer candle which indicates a great resistance in the 1.06 to 1.08 area which is just below the 0.382 Fibonacci level.
these facts indicates an incoming pullback and start of wave 3.
Here is a copy of the guidelines:
Regular Flats:
• A corrective 3 waves move labelled as ABC
• Subdivision of wave A and B is in 3 waves
• Subdivision of wave C is in 5 waves impulse / diagonal
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three
• Wave B terminates near the start of wave A
• Wave C generally terminates slightly beyond the end of wave A
• Wave C needs to have momentum divergence
Fibonacci Ratio Relationship
• Wave B = 90% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave AB
to read more visit: www. elliottwave-forecast .com/ elliott-wave-theory/ #corrective-waves
we can also see a number of 1H hammer candles and a forming 4H hammer candle which indicates a great resistance in the 1.06 to 1.08 area which is just below the 0.382 Fibonacci level.
these facts indicates an incoming pullback and start of wave 3.
Here is a copy of the guidelines:
Regular Flats:
• A corrective 3 waves move labelled as ABC
• Subdivision of wave A and B is in 3 waves
• Subdivision of wave C is in 5 waves impulse / diagonal
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three
• Wave B terminates near the start of wave A
• Wave C generally terminates slightly beyond the end of wave A
• Wave C needs to have momentum divergence
Fibonacci Ratio Relationship
• Wave B = 90% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave AB
to read more visit: www. elliottwave-forecast .com/ elliott-wave-theory/ #corrective-waves
Note
4H candle just closed and it is a green hammer candle.
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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.
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.