(Elliott Wave) Double zigzag correction is just half way in

6 gen

Global inspection suggests that correction (monthly timeframe) has not yet reached even the minimum targets (marked with red lines on a logarithmic scale).

Local inspection suggests that correction is emerging in a double zigzag formation:
- First zigzag (W) reached the lowest point of $0.262
- Right now ugly wave (X) is forming (retraced 0.618 of wave (W))
- Expecting one more zigzag (Y) with least the same length of wave (W) potentially reaching $0.18 (aligns with weekly 50 EMA) with an on the way pullback near $0.28 (aligns with daily 200 EMA).

13 gen

Nota

We now have wave (A) and (B) completed within wave (Y).

I expect wave (C) to land near $0.24 price mark:
1. Wave C in ABC correction should reach further than wave A (lower than $0.26 in this case)
2. $0.24 matches with monthly timeframe 0.382 fibo retracement (minimum level to consider valid correction)
3. $0.24 is exactly 1.272 (in zigzags wave C usually longer than wave A)
4. $0.245 is a top of margin of of a monthly Average True Range channel.

13 gen

Trade attivo

Current pullback seems like a great short entry opportunity.

15 gen

Nota

Update: Wave B extended to retrace 0.618 of wave A. If you wanted to short, this is a great opportunity. Upcoming dip also aligns with USA inflation data today.

15 gen

Trade chiuso: stop raggiunto

Apparently we are in an extremely bullish market, so the potential for correction was realized earlier than I expected. sorry for that, I suggest opening a long and waiting for the previous highs to be reached.