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*
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.