TA's at work... Part 2
It's always nice to see when practice confirms theory. So, after matching Elliott waves, Wolfe Waves and Fibonacci to events that already happened, let's try something fun :-)
In my previous idea I had two outcomes: A) the start of a new impulse wave, or B) the start of the second corrective wave.
When looking at the graph, there is actually a new H&S pattern forming. So if theory works out here again, we can eliminate B, expect the right shoulder (has to start with high volume, which it seems to do) followed by a far bigger correction to the 5000-level before going up to new highs. This follows the last corrective wave of the Eliott Wave in the previous idea and we can expect a sub corrective wave which will retry resistance at the neckline.
I would not be disappointed as 5000 is my long-set target level I want to buy in. I'm excited now :-)
This is by no means trading advice, just an idea for fun.
In my previous idea I had two outcomes: A) the start of a new impulse wave, or B) the start of the second corrective wave.
When looking at the graph, there is actually a new H&S pattern forming. So if theory works out here again, we can eliminate B, expect the right shoulder (has to start with high volume, which it seems to do) followed by a far bigger correction to the 5000-level before going up to new highs. This follows the last corrective wave of the Eliott Wave in the previous idea and we can expect a sub corrective wave which will retry resistance at the neckline.
I would not be disappointed as 5000 is my long-set target level I want to buy in. I'm excited now :-)
This is by no means trading advice, just an idea for fun.
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