WAVES has just completed a short term bearish triangle, and has bounced off an important Fib level. If the pattern maintains, we may see the continuation of the cup and handle formation on the 1D. This has played out to hit the fib extension of 2.618 - and we can draw a speculative long term pattern up to the 3.618 pattern.
This level is interesting because it also aligns with Elliot Wave Theory. However, the first wave and current 3rd wave are both the same size, and this could mean an end to this pattern. However, if the Retrace is not strong on this 3rd wave, I would argue that this wave is in fact continuing and will be the highest/strongest one for long term chart.
A more optimistic target would be $14.00, which would indicate a symmetrical 2nd/3rd wave.
This level is interesting because it also aligns with Elliot Wave Theory. However, the first wave and current 3rd wave are both the same size, and this could mean an end to this pattern. However, if the Retrace is not strong on this 3rd wave, I would argue that this wave is in fact continuing and will be the highest/strongest one for long term chart.
A more optimistic target would be $14.00, which would indicate a symmetrical 2nd/3rd wave.