In the weekly timeframe we have a classic starting diagonal that was completed last August.
We are now correcting the whole uptrend from March 2020, in a zig-zag.
Normally we would have a 100% extension from waves A-B, which would take us all the way down to the $2 region (yellow rectangle).
Of course, the 100% extension is not a requirement for a zig-zag, but only a break of $6.20 would make me consider the correction is over.
We are now correcting the whole uptrend from March 2020, in a zig-zag.
Normally we would have a 100% extension from waves A-B, which would take us all the way down to the $2 region (yellow rectangle).
Of course, the 100% extension is not a requirement for a zig-zag, but only a break of $6.20 would make me consider the correction is over.
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📈 Experienced Crypto trader
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🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
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👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
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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.