Observations:
For informational purposes only and not deemed as financial advice
- Many folks were thinking that the previous ABC correction down to 181 was done.
- However, what was anticipated as the next impulse wave seems to have failed.
- Looking at a more macro level, it appears we are potentially forming a larger 3-3-5 ABC correction instead.
- Based on 1:1 fib extension and support areas, the bottom may potentially be within 148-162 range.
- Key areas to look for within that range is the 0.618 fib, the 0.65 fib (magic pocket) at 162 and 157 respectively.
- There may also be a scenario where it can double bottom at the 0.5 fib area (i.e. 179) so it is something to also look out for.
- As we are projecting a C wave down to finish the correction, we will look for a 5 wave formation.
- Please be patient over the next week or so. We shall likely see a major bull run after this correction.
For informational purposes only and not deemed as financial advice
