On the completion of wave 4 (expected: 30% - 50% fib retracement of wave 3) we look to buy wave 5. As wave 3 wasn't extended I am expecting wave 5 to extend and spill over to at least 61.8% length of wave 0 to wave 3, at 1.04500. Was formation is created, I will be looking to enter on a moving average cross (10,20) and when the Elliott Wave Oscillator is showing a new wave formation and the wave 4 retracement has made it back to 90%-140% retracement (on the Oscillator.
Another note, on the higher degree we have seen a double bottom and a bearish narrowing trend reversal pattern proceeding the beginning of cycle 1.
Another note, on the higher degree we have seen a double bottom and a bearish narrowing trend reversal pattern proceeding the beginning of cycle 1.
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We could also most likely expect wave 4 to be a horizontal correction, as wave 2 was a diagonal.
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The alternate idea here, would be that wave 1 was actually an 'a' and wave 2 was actually a 'b', if so this would make wave 3 a 'c'. However, this idea is invalidated as wave 3 has made it based the 100% fib extension level of wave 1.
Only 2% of wave 3's don't make it passed the 100% fib extension level of wave 1, if this occurs, there is a high chance a corrective formation (a,b,c) is evident and not a motive wave formation (1,2,3,4,5).
Only 2% of wave 3's don't make it passed the 100% fib extension level of wave 1, if this occurs, there is a high chance a corrective formation (a,b,c) is evident and not a motive wave formation (1,2,3,4,5).
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Setup now invalidated by wave iv entering wave i zone