The impulse is not the prettiest, but both wave 2 & 4 retraces slightly.
These slight retracements show positive market sentiments of OMG, and it should be reflected in future price action. In my opinion, it will be extremely bullish.
Wave 2 often retraces to .618, but looking at wave A, it does not seem like it will be the case for OMG.
Watch out for price reversal at a:c = 1:1, it would be too early a buy for me.
I prefer the green box, with a:c=1:1.618, confluence with .382 ret, and in the region of wave 4 of bullish swing.
Good luck.
These slight retracements show positive market sentiments of OMG, and it should be reflected in future price action. In my opinion, it will be extremely bullish.
Wave 2 often retraces to .618, but looking at wave A, it does not seem like it will be the case for OMG.
Watch out for price reversal at a:c = 1:1, it would be too early a buy for me.
I prefer the green box, with a:c=1:1.618, confluence with .382 ret, and in the region of wave 4 of bullish swing.
Good luck.
Note
I closed my short in time with some nice gains but I am still not in a long.
I can now count 5 waves in C on lower TF.
This is about as bullish as it gets. We touched a:c = 1: 0.786. But didn't even reach .236 retracement of the bull swing. CRAZY!
I refuse to buy at this level as a failed impulse is certainly a possibility, in which case we will have another leg Y down. If we successfully break out, I will buy the breakout at a higher price.
Note
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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.