Hi traders. It's an updated analysis. please look at the previous post!
As I told you before I used to expect that the 5th wave would finish around 213$ but at this time, I have to say it seems that the 5th wave has not finished yet. According to ADX and RSI in Daily time frame, This correction is 4th wave of 5th impulse wave (yellow) So a deep corrective wave probably is going to happen around 240$. Elliott waves analysis is flexible and it's a feature of that.
Disclaimer!
This post is a personal analysis for my educational purpose so doesn't provide financial advice at all. please do your own research. You must be responsible for your trading only!
As I told you before I used to expect that the 5th wave would finish around 213$ but at this time, I have to say it seems that the 5th wave has not finished yet. According to ADX and RSI in Daily time frame, This correction is 4th wave of 5th impulse wave (yellow) So a deep corrective wave probably is going to happen around 240$. Elliott waves analysis is flexible and it's a feature of that.
Disclaimer!
This post is a personal analysis for my educational purpose so doesn't provide financial advice at all. please do your own research. You must be responsible for your trading only!
Trade active:
Hi, It seems to me that the 4th wave has finished and has retraced 0.886 percent (Fib level) of 3rd wave(green). Unlike previous post it's not an ending diagonal pattern for yellow 5th wave. Nonetheless this is a buy opportunity for me. It's a bullish wave as 5th wave and TP will be around 222 (In a case of Truncation pattern), 244(0.786 Fib level), 267(0.886 Fib level) respectively.
