Hello everyone. Still don't know how to properly use the Tradingview platform, so I am sorry for the mess, but try to hear me out anyway. There is still some potential for correction after the recent growth.
As you may know, the method consists in a correction to the 0.618 level, then back to the 0.382 level and the price may fall even further (in this case). It also takes into consideration the ABC correction Waves (Elliot Theory), so I tried to draw them just for a better understanding of the chart.
When it broke the bearish price channel, I put the Fibonacci extention to the impulse that broke it, leaving us with the 161.8 level as a target for the price. I believe it may be safe to enter in short after it breaks the impulse point at 2725, even though I do not think it has any potential whatsoever to break the 61.8 normal FIbonacci retracement zone.
If you have any questions, I will be happy to answer them in the comments. Thank you and best of luck!
As you may know, the method consists in a correction to the 0.618 level, then back to the 0.382 level and the price may fall even further (in this case). It also takes into consideration the ABC correction Waves (Elliot Theory), so I tried to draw them just for a better understanding of the chart.
When it broke the bearish price channel, I put the Fibonacci extention to the impulse that broke it, leaving us with the 161.8 level as a target for the price. I believe it may be safe to enter in short after it breaks the impulse point at 2725, even though I do not think it has any potential whatsoever to break the 61.8 normal FIbonacci retracement zone.
If you have any questions, I will be happy to answer them in the comments. Thank you and best of luck!