Welcome back! ^^
Since yesterday we saw a bit more momentum towards to the upside but the case still stays the same. We assume that the recent top could be a Wave 1 and we are looking for a retracement in Wave 2 as a red ABC of which we already finished the Wave A and potentially Wave B in today's move up.
The Wave 2 support area lies between the 0.382 FIB at 1184000 USD and the 0.786 FIB at 114118 USD.
The Wave C targets are the 1 to 1 FIB at 117818 USD which is the most common target and it is right below the low of Wave A. Further targets are the 1.236 FIB at 116779 USD, the 1.382 FIB at 116137 USD which is right above the golden pocket and additionally at the same price level as the price action of the 8th to 10th August which could function as further support and as last the 1.618 FIB at 115099 USD.
Be aware that the Wave B could extend to the upside and turn into an overshooting B Wave. It can even take the ATH briefly but if we break above the 125k price level this count get's less probable and we are either in a more complex bigger correction or the red Wave A was already the whole Wave 2 correction which would be valid as it touched the 0.382 FIB of the support area at 118400 USD.
Thanks for reading.
NO FINANCIAL ADVICE.
Since yesterday we saw a bit more momentum towards to the upside but the case still stays the same. We assume that the recent top could be a Wave 1 and we are looking for a retracement in Wave 2 as a red ABC of which we already finished the Wave A and potentially Wave B in today's move up.
The Wave 2 support area lies between the 0.382 FIB at 1184000 USD and the 0.786 FIB at 114118 USD.
The Wave C targets are the 1 to 1 FIB at 117818 USD which is the most common target and it is right below the low of Wave A. Further targets are the 1.236 FIB at 116779 USD, the 1.382 FIB at 116137 USD which is right above the golden pocket and additionally at the same price level as the price action of the 8th to 10th August which could function as further support and as last the 1.618 FIB at 115099 USD.
Be aware that the Wave B could extend to the upside and turn into an overshooting B Wave. It can even take the ATH briefly but if we break above the 125k price level this count get's less probable and we are either in a more complex bigger correction or the red Wave A was already the whole Wave 2 correction which would be valid as it touched the 0.382 FIB of the support area at 118400 USD.
Thanks for reading.
NO FINANCIAL ADVICE.
Note
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We have entered the Wave 2 support area.
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.
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.