PENGU Taking a Breather? Wave 4 May Be BrewingAfter a strong move,
PENGU looks like it might be pausing for breath. The recent action suggests we may have just wrapped up a small-degree Wave 3, with price now struggling to clear a key resistance level from earlier in the structure.That hesitation could mark the early stages of a Wave 4 correction...Conservatively.
Here’s the zone I’m watching for a potential W4 pullback:
- .236 to 50% retracement of Wave 3, measured from the Wave 2 low
- Most Likely Target (MLT) sits right around the .382 fib
- Keep an eye on time symmetry—Wave 4 may offset the time duration of Wave 2
- Price could react off the base channel as a support guide
If this is a W4, it could give us a clean continuation setup into Wave 5—provided it holds structure and doesn’t overlap the Wave 1 territory. Stalking the pullback as it plays out, and am ready to react if we see support step in at the expected fib levels or the base channel.
Trade Safe!
Trade Clarity!
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More on the TradeDevils Discord discord.gg/p9bjnpwnMc
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Related publications
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.