Mates, looks like Wave(4) has started. If you pay attention to Wave(2) it was a simple ABC-zigzag correction that terminated almost at 0.618 of Wave(1). Due to the rule of alternation, current Wave(4) should be more complex (a triangle, flat or compound) and should be shallower touching only 0.382 of Wave(3). Also the most common size of Wave(4) corrections is the basement of Subwave5 of Wave(3). Thus, market structure, fibs, alternation and even number of $4000 tells me that the area of 3600-4000 is most likely be a good support level . Feel free to comment and share your view on wave count.
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although, we didn't have wave4 being a triangle correction, seems like wave5 is on its way. overall analysis was accurate.
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now wave5 is completed. A massive sell-off should start around there.
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A typical size of correction after wave5 completion reaches the wave4 basement. On the chart it is 3200-2900 area. Looking for price to drop there:)
@Alexander_Nikitin Spot on. Well done.
Now if you say "massive sell-off", what is the target here? Also could you estimate a rough time frame?
Thank you for your help!
Alexander_Nikitin
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@Dubee83, those corrections typically go to wave4 basement. On the chart wave4 basement is 2988
Dubee83
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@Alexander_Nikitin, Thank you for that fast reply. I will be watching on the sidelines. Hope you are correct.
DARIULLEPree
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that chart was to the button WOW
deedee
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Awesome analysis Sir!
u think the downward pressure is going to be too strong to retrace to .382 after breaking 2 major supports of 1 ATH @ 4944 and the lower support2 of 4443 ? What cud be the reason? once it breaks the ATH there cud be full momentum to 6000 unless most of the players may want to take their profits out in this heavy supply zone! Just a thought! Cheers!
Alexander_Nikitin
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@deedee, After wave5 is completed an ABC correction start. We are to see some downside movement in the nearest future.
deedee
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@Alexander_Nikitin, ok so in that ABC correction we see the supports get slaughtered! thankx for the feedback!
Spot on. Well done.
Now if you say "massive sell-off", what is the target here? Also could you estimate a rough time frame?
Thank you for your help!