The corrective rally in May has been stopped at the bottom line of the upward channel.
The support has been changed to the resistance. It is a good confirmation of a trend change.
As there was overlap between Wave 1 & Wave 4, I have updated the wave count.
In the new wave count, (2) = 0.382 x (1). As a typical retracement target for Wave (2) is 0.618 x Wave (1), I am not very happy about it. However, it is a good Fibonacci relationship that I can take.
Wave 2 = 0.618 x Wave 1, so I am much more comfortable on the smaller degree count.
Based on the new count, the decline can be quite deep. We have two short-term target zones:
(1) Zone 1
Reverse Fibonacci 1.382 of Wave 2 : 0.7311
Current Wave length = 1 x Wave 1 : 0.7276
(2) Zone 2
Reverse Fibonacci 2.0 of Wave 2 : 0.7148
Current Wave length = 1.382 x Wave 1 : 0.7123
If the price will go above 0.756, the count may be changed.
More charts can be found at white6intelligence.com
The support has been changed to the resistance. It is a good confirmation of a trend change.
As there was overlap between Wave 1 & Wave 4, I have updated the wave count.
In the new wave count, (2) = 0.382 x (1). As a typical retracement target for Wave (2) is 0.618 x Wave (1), I am not very happy about it. However, it is a good Fibonacci relationship that I can take.
Wave 2 = 0.618 x Wave 1, so I am much more comfortable on the smaller degree count.
Based on the new count, the decline can be quite deep. We have two short-term target zones:
(1) Zone 1
Reverse Fibonacci 1.382 of Wave 2 : 0.7311
Current Wave length = 1 x Wave 1 : 0.7276
(2) Zone 2
Reverse Fibonacci 2.0 of Wave 2 : 0.7148
Current Wave length = 1.382 x Wave 1 : 0.7123
If the price will go above 0.756, the count may be changed.
More charts can be found at white6intelligence.com
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Pubblicazioni correlate
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.