In green are waves 1, 2, 3, 4 & 5 of the larger wave 1.
In purple is the base channel formed by waves 1 & 2 of the larger wave 1.
In red is the path of waves A, B & C of the larger wave 2.
In orange are the channels for waves A, B & C of the larger wave 2.
When wave c of the larger wave 2 hits into the base channel, it will also be near the 0.382 fibonacci retracement at $23.94.
Could this be when it starts its way up to begin the larger wave 3 (the green arrow)?
I am pretty new to this, so any input as to why this may or may not be the case or what I got right or wrong would or whether you agree or disagree be greatly appreciated.
Hope you liked it. Thanks everyone, have a great day!
In purple is the base channel formed by waves 1 & 2 of the larger wave 1.
In red is the path of waves A, B & C of the larger wave 2.
In orange are the channels for waves A, B & C of the larger wave 2.
When wave c of the larger wave 2 hits into the base channel, it will also be near the 0.382 fibonacci retracement at $23.94.
Could this be when it starts its way up to begin the larger wave 3 (the green arrow)?
I am pretty new to this, so any input as to why this may or may not be the case or what I got right or wrong would or whether you agree or disagree be greatly appreciated.
Hope you liked it. Thanks everyone, have a great day!
Note
Note: Chart is heiken ashi/logarithmic view and fib levels are also based on log view.Note
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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.