Wave Structure Update: Intermediate Wave 3
The price has clearly completed a 5-wave cycle within the 3rd wave of intermediate degree. Following Elliott Wave guidelines, the next movement is expected to retrace toward the 4th wave of a lesser degree. This aligns with typical wave behavior, as corrections often seek the support zone of the prior lesser-degree 4th wave.
Additionally, a divergence between the 3rd and 5th waves of intermediate wave 3 adds further evidence of a potential reversal or consolidation phase before the next impulsive move. This divergence often signals waning momentum, supporting the case for an upcoming corrective wave.
The price has clearly completed a 5-wave cycle within the 3rd wave of intermediate degree. Following Elliott Wave guidelines, the next movement is expected to retrace toward the 4th wave of a lesser degree. This aligns with typical wave behavior, as corrections often seek the support zone of the prior lesser-degree 4th wave.
Additionally, a divergence between the 3rd and 5th waves of intermediate wave 3 adds further evidence of a potential reversal or consolidation phase before the next impulsive move. This divergence often signals waning momentum, supporting the case for an upcoming corrective wave.
Fractal Rider | Alex Inoa
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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.
Fractal Rider | Alex Inoa
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.