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
Commento:
4H candle just closed and it is a green hammer candle.
