Zeta appears to be forming the structure for a final Wave 5 (Elliott Wave Theory). Why? Let's analyze: Wave 2 showed only a shallow retracement, falling between 38–50%. However, Wave 3 extended to 1.618, indicating strong momentum. The Wave 4 pullback did not invalidate Wave 1 (as confirmed on the line chart – monthly timeframe). Additionally, the MACD is showing convergence and providing bullish momentum.
As commonly understood, for Wave 5 to validate the Elliott setup, it must extend beyond the peak of Wave 3. Therefore, projections to 0.618 or even 100% of the previous impulse may not suffice to confirm this pattern. This leads to the conclusion that an aggressive extension to the 1.618 level is more likely.
NFA
As commonly understood, for Wave 5 to validate the Elliott setup, it must extend beyond the peak of Wave 3. Therefore, projections to 0.618 or even 100% of the previous impulse may not suffice to confirm this pattern. This leads to the conclusion that an aggressive extension to the 1.618 level is more likely.
NFA
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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.