Hello Traders!
The price reached the 3,618 (64,896) level of the Fibonacci retracement traced from I to II. Which represents an extended wave III as seen in the graph.
A minimum correction is expected at the level 0.382 (41.298) of all that impulse, this level belongs to the entire cycle of the sub-waves (numbers in circles) of wave III. This price correction is wave IV. It is not ruled out that it looks for the 0.50 level or the 0.618 Fibonacci level traced. It all depends on who wins the battle between the bulls and the bears.
Additionally, the MACD indicator seems to indicate a possible downward trend.
Once this correction is complete, we will go to look for new highs with wave V.
Have an excellent Trade!
PS: Pending with the price action at the 0.236 level, it could be the case that the bulls do not let the price advance much.
The price reached the 3,618 (64,896) level of the Fibonacci retracement traced from I to II. Which represents an extended wave III as seen in the graph.
A minimum correction is expected at the level 0.382 (41.298) of all that impulse, this level belongs to the entire cycle of the sub-waves (numbers in circles) of wave III. This price correction is wave IV. It is not ruled out that it looks for the 0.50 level or the 0.618 Fibonacci level traced. It all depends on who wins the battle between the bulls and the bears.
Additionally, the MACD indicator seems to indicate a possible downward trend.
Once this correction is complete, we will go to look for new highs with wave V.
Have an excellent Trade!
PS: Pending with the price action at the 0.236 level, it could be the case that the bulls do not let the price advance much.
Trade closed: target reached:
The operation was completed. I hope you had an excellent trade
