1. We are in the midst of forming a solid Inverse Head & Shoulders outlined in the blue arcs.
2. We had an Elliot Wave 1 which retraced back to the Fibonacci Level of 50%
3. Wave 2 is at the end of it's ZigZag Correction
The next target is at the Fibonacci level of 1.382 & 1.618 which is an extension of Wave 1 & Wave 2.
If Wave 3 passes the previously mentioned Fibonacci Levels then we will go up up 7 away. But, more likely we will see at 38.2% retracement of Wave 3.
Stay Thirsty,
-AB
Trade closed: target reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.