CHR is showing us major correction on possible wave 4 structure and this is the solid 5 waves structure we need to watch on current structure.
- Following the rules of alternation. If wave two is complex, wave four is likely to be a flat correction
- Wave 2 bounced right after it touched the .786 Fibonacci retracement level of wave 1.
- .382 Fibonacci retracement level is considered as the first support zone for current structure as this wave 4 is likely to be a flat pattern.
- Because the lowest point on the wave 2 is at .786 , the wave 4 must not exceed the .5 Fibonacci retracement level.
- Targeting the interim swing high at $1.4385 as the first target and $1.61 as the -.26 Fibonacci retracement level.
- Following the rules of alternation. If wave two is complex, wave four is likely to be a flat correction
- Wave 2 bounced right after it touched the .786 Fibonacci retracement level of wave 1.
- .382 Fibonacci retracement level is considered as the first support zone for current structure as this wave 4 is likely to be a flat pattern.
- Because the lowest point on the wave 2 is at .786 , the wave 4 must not exceed the .5 Fibonacci retracement level.
- Targeting the interim swing high at $1.4385 as the first target and $1.61 as the -.26 Fibonacci retracement level.
Note
This signal is invalidated if the price breaks below .5 Fibonacci retracement level.
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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.
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.