A small timeframe idea linked to these two ideas:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.
4H chart is showing bullish divergence:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.
4H chart is showing bullish divergence:
Note
The first set of impulse waves up from yesterdays low might be completed now.Wave 3 (orange) hit the 1.618 extension exactly, then what looks like an overlapping ending diagonal set for wave 5 (orange) hitting the .786 extension of wave3...a correction to 0.5 or 0.618 may come before another new high.
Note
Looks like a starting wedge/leading diagonal may be in play; a few other EW guys on Tradingview have spotted something similar.
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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.