Yesterday we saw Wave 3 complete within 0.00016 of Wave 1 1.272 fib extension at 0.25903, and Wave 4 hitting 0.50 fib. Technically speaking, Wave 4 should not retreat into Wave 1 area, but every now and then a fake out happens, or a bunch of orders get triggered which can make it poke momentarily into Wave 1. I do not consider this instance a violation requiring a recount.
This could be problematic for Wave 5 making it to my original target analysis of 0.23 the because typically only either Wave 3 or Wave 5, but not both, extend. To make my target, Wave 5 will have to extend to 1.272 fib of Wave 3. Its entirely possible, just technically more difficult without a new impulse wave forming.
However, if we look at the higher degree wave formation, its Wave 1 1.272 fib would end at 0.22421. Remember, the current lesser degree Wave 5 1.272 fib sitting at 0.23366. Can we call that providence?
The correction Wave 2 of the higher degree formation is complex which usually means the next correction wave will be simple, an ABC (flat or otherwise), so keep that in mind. I have a buy order at 0.23238. My plan here is to look at an exit at 0.26-27 to set up for another entry under 0.20. That said... I also see the potential for the reversal, short term or otherwise, starting at the end of this wave, probably heading up to 0.34, so Ill be manually closing the next position.
There is a bullish diagonal triangle formation in play. This could cause significant problems for the bears. Usually this is something you look for at the end of an impulse wave and if my count is correct we are in Wave 3 of the higher degree formation. This count is difficult because of the amount of time we spent in a sideways movement, but no matter how I look at it, I cant see Wave 1 starting any further back. Just keep a close eye on this triangle. If the green line breaks it should be a significant indication of near-term bullish sentiment.
This could be problematic for Wave 5 making it to my original target analysis of 0.23 the because typically only either Wave 3 or Wave 5, but not both, extend. To make my target, Wave 5 will have to extend to 1.272 fib of Wave 3. Its entirely possible, just technically more difficult without a new impulse wave forming.
However, if we look at the higher degree wave formation, its Wave 1 1.272 fib would end at 0.22421. Remember, the current lesser degree Wave 5 1.272 fib sitting at 0.23366. Can we call that providence?
The correction Wave 2 of the higher degree formation is complex which usually means the next correction wave will be simple, an ABC (flat or otherwise), so keep that in mind. I have a buy order at 0.23238. My plan here is to look at an exit at 0.26-27 to set up for another entry under 0.20. That said... I also see the potential for the reversal, short term or otherwise, starting at the end of this wave, probably heading up to 0.34, so Ill be manually closing the next position.
There is a bullish diagonal triangle formation in play. This could cause significant problems for the bears. Usually this is something you look for at the end of an impulse wave and if my count is correct we are in Wave 3 of the higher degree formation. This count is difficult because of the amount of time we spent in a sideways movement, but no matter how I look at it, I cant see Wave 1 starting any further back. Just keep a close eye on this triangle. If the green line breaks it should be a significant indication of near-term bullish sentiment.
