In my last analysis, I used the 15min chart to analyze price patterns and was lucky enough to be right and price ended up reaching the PT target that I had estimated for the end of wave 2. HOWEVER, looking at the charts now in the 1hour timeframe, the pattern price is making is giving the impression that i was actually incorrect in my last analysis.
As a recap, I do believe that this retracement that happened is the last 2-3 months are near its end and that this pump from Sunday was the signal for the beginning of a new pump cycle (Wave 1).
This is my current thesis on where price my end this Wave 2 of this next bull cycle:
I expect price to have another pump towards .95 but will follow with a rejection towards .76 and eventually .70. A possible invalidation will be if price breaks above 1.033 and holds.
Remembering that a retrace to 78.6% usually indicates that Wave 3 will be powerful.
*This is not financial advice. This is my attempt of practicing and learning about Elliot Waves. Please let me know how I can improve*
As a recap, I do believe that this retracement that happened is the last 2-3 months are near its end and that this pump from Sunday was the signal for the beginning of a new pump cycle (Wave 1).
This is my current thesis on where price my end this Wave 2 of this next bull cycle:
I expect price to have another pump towards .95 but will follow with a rejection towards .76 and eventually .70. A possible invalidation will be if price breaks above 1.033 and holds.
Remembering that a retrace to 78.6% usually indicates that Wave 3 will be powerful.
*This is not financial advice. This is my attempt of practicing and learning about Elliot Waves. Please let me know how I can improve*
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.