IHG: corrective wave
A typical 1, 2 and 3 wave pattern is busy unfolding.
It appears that the price action is busy with wave 4, which is a corrective wave.
The net movement of corrective waves is against the trend at one larger degree. Corrective waves typically consist of three sub-waves.
The target is set at 4650, which is just below its 200-week simple moving average.
Crossing above 4840 will negate the corrective wave.
It appears that the price action is busy with wave 4, which is a corrective wave.
The net movement of corrective waves is against the trend at one larger degree. Corrective waves typically consist of three sub-waves.
The target is set at 4650, which is just below its 200-week simple moving average.
Crossing above 4840 will negate the corrective wave.