From the 20th of March, we followed an Elliot wave formation which began at price 111.599 gave us the first wave on the 21st of March...which pulled the price upward to give us the second wave at price 110.946 and the bears emerge to take price more deep as the first wave, to prior support( price:-109.749 roughly) as wave 3.
The bulls entered back with a staggering strength to take it to price 110.232 (rough estimate) while the bears surrendered just below wave 3...to give a truncated.
From DISCOVERY a truncated fifth usually returns back to the startup of the first wave....
As price rallied an reached the place of sensitivity ( Green horizontal line ) it failed to pull up but fell in the form of a falling wedge formation(green trend-line) which ended at price 110.021. How do we know it might end there? There was a catalyst that changed the movement( see red curve at price 110.021 which gave the wedge a support).
Price breaks wedge and move to the Resistance formed by wave 2, which in constant movement between price 110.946 to 110.531 alerted an ascending triangle...which portrays an upward movement.
The white horizontal line signals another sensitive area..which could stand as resistance to allow price move below it before surrendering to an upshot of the bulls to the resistance of price 111.599 to complete the truncated fifth..
That's how calculated the bulls can be.
The bulls entered back with a staggering strength to take it to price 110.232 (rough estimate) while the bears surrendered just below wave 3...to give a truncated.
From DISCOVERY a truncated fifth usually returns back to the startup of the first wave....
As price rallied an reached the place of sensitivity ( Green horizontal line ) it failed to pull up but fell in the form of a falling wedge formation(green trend-line) which ended at price 110.021. How do we know it might end there? There was a catalyst that changed the movement( see red curve at price 110.021 which gave the wedge a support).
Price breaks wedge and move to the Resistance formed by wave 2, which in constant movement between price 110.946 to 110.531 alerted an ascending triangle...which portrays an upward movement.
The white horizontal line signals another sensitive area..which could stand as resistance to allow price move below it before surrendering to an upshot of the bulls to the resistance of price 111.599 to complete the truncated fifth..
That's how calculated the bulls can be.
Trade active:
I believe everyone is in the profit.... Have a nice ride.