In the weekly chart, with 5 ascending waves the price has been able to reach the range of 103.82, and the corrective phase has started from this stage, as the A wave – was the first corrective wave - in the form of 5 waves, consequently the C wave should also be in the format of 5 waves and in comparison to “A “wave, can be extended its movement up to 100% or 1.618% of Fibonacci ratio. According to Fibonacci, the range is 87.38 to 77.81.
In the daily chart, by starting the C wave from the range of 102.99, 4 waves have been formed so far, and 5th wave is under completion, the price is in sub-waves of the iii wave. The 92.47 range is a very important range for us, and if the price enters this range, probably we will encounter an Expanded Flat pattern in the 4th wave from the C point.
In the daily chart, by starting the C wave from the range of 102.99, 4 waves have been formed so far, and 5th wave is under completion, the price is in sub-waves of the iii wave. The 92.47 range is a very important range for us, and if the price enters this range, probably we will encounter an Expanded Flat pattern in the 4th wave from the C point.