So we have potentially completed a wave 4 down here as you can see we pinged the .382~ retrace, more downside could occur but I would not expect much more than 50% retrace and if it goes past the .618 I would be getting worried, In terms of confirmation of wave 4 we pretty much have it as it's perfect alternation to wave 2 as wave 2 was slow and deep and this is fast/shallow (characteristic of wave 4). In Terms of wave 5 targets I will assess as this starts going back up but as we have seen with Matic lately things can really get out of hand.
Tldr:
Expecting 1 more leg up
Wave 4 completing/completed (buying)
Wave 5 Most likely in progress
Tldr:
Expecting 1 more leg up
Wave 4 completing/completed (buying)
Wave 5 Most likely in progress
Note
quite a deep wave 4 this should resume back up from here and we should not break our low made which is a wick below the .618Note
Given how deep this wave 4 was it's less likely our wave 5 may even make a new high so be aware of that.
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.