ETH Long from 420 to 520; Just finished ABC Corrections.
We just finished an ABC correction for wave 2. Wave A, if you zoom in, shows a very clear 12345 impulse.
[img]i.imgur.com/TNuh5gn.png[/img]
Wave B is an ABCDE rising wedge, which I mistaken for a 12345 leading diagonal in a previous post. Wave C is another 12345 impulse, completing the 5-3-5 zigzag.
Wave C also happen end at a 1 to 1 Fibonacci Extension from wave A, creating a point for reversal. In addition, on the RSI, we see a bullish falling wedge just ready to break out.
If we use our Fibonacci Extension of the the big wave 1 (black wave), we get targets of 520 and 580 for a 1 to 1 and 1.618, respectively. Remember, wave 3 is never the shortest and usually the longest.
[img]i.imgur.com/TNuh5gn.png[/img]
Wave B is an ABCDE rising wedge, which I mistaken for a 12345 leading diagonal in a previous post. Wave C is another 12345 impulse, completing the 5-3-5 zigzag.
Wave C also happen end at a 1 to 1 Fibonacci Extension from wave A, creating a point for reversal. In addition, on the RSI, we see a bullish falling wedge just ready to break out.
If we use our Fibonacci Extension of the the big wave 1 (black wave), we get targets of 520 and 580 for a 1 to 1 and 1.618, respectively. Remember, wave 3 is never the shortest and usually the longest.
Note
The time has finally come!
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.