A possible end of five wave coming up
Updated
All ingredients of the Elliott wave are present here.
- Wave two hit the 61.8% retracement and closed above. After this comes the confirmation for the start of wave 3 through divergence.
- Wave three may not be the shortest wave (check). Looking back to wave one, it is clear at that moment that it is actually wave three.
* An additional point that is clearly visible here is that the extension of this wave is the fibonacci ratio 1.618 of wave 1. The wave ended with divergence.
- Wave four hit the 38,2% retracement of wave three.
I am looking forward to see how this wave will develop. Because of the decisiveness and the extension in wave three I really want to see the scenario where wave 5 is about the length of a 61,8% from the total of wave one till three. A possible additional confirmation is that maybe divergence will occur at the end of wave 5. This has also happened at the end of wave 3
This analysis i made is to give insight into what can happen. There is no reason for me to take a position at this moment, because i first wants to see what will happen and if the rules will be respected.
- Wave two hit the 61.8% retracement and closed above. After this comes the confirmation for the start of wave 3 through divergence.
- Wave three may not be the shortest wave (check). Looking back to wave one, it is clear at that moment that it is actually wave three.
* An additional point that is clearly visible here is that the extension of this wave is the fibonacci ratio 1.618 of wave 1. The wave ended with divergence.
- Wave four hit the 38,2% retracement of wave three.
I am looking forward to see how this wave will develop. Because of the decisiveness and the extension in wave three I really want to see the scenario where wave 5 is about the length of a 61,8% from the total of wave one till three. A possible additional confirmation is that maybe divergence will occur at the end of wave 5. This has also happened at the end of wave 3
This analysis i made is to give insight into what can happen. There is no reason for me to take a position at this moment, because i first wants to see what will happen and if the rules will be respected.
Order cancelled
Price has fallen too far and can therefore no longer meet the elliott wave as described above. A wave two can be put here, but no continuation of this in this idea. This idea is cancelled
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