If this is not a perfect demonstration of Elliott Wave Theory, I don't know what else would be.
- Wave 2 measures exactly 61.8% of wave 1
- Wave 3 is exactly at 161.8% of 1
- Wave 4 is exactly at 38.2% of wave 3.
- Inside zigzag 4, c is exactly 123.6% of a.
- Plus the yellow resistance box failed to break out.
- Plus OBV was going no where when price moved from 64 to 72 (labeled as 4).
It looks like wave i of 5 is forming as a leading diagonal and not a bullish flag (in which case resistance will be broken and stop loss will need to trigger).
Stop loss can be placed very tightly at 72.50
Traditional target for wave 5 is just below 60.
- Wave 2 measures exactly 61.8% of wave 1
- Wave 3 is exactly at 161.8% of 1
- Wave 4 is exactly at 38.2% of wave 3.
- Inside zigzag 4, c is exactly 123.6% of a.
- Plus the yellow resistance box failed to break out.
- Plus OBV was going no where when price moved from 64 to 72 (labeled as 4).
It looks like wave i of 5 is forming as a leading diagonal and not a bullish flag (in which case resistance will be broken and stop loss will need to trigger).
Stop loss can be placed very tightly at 72.50
Traditional target for wave 5 is just below 60.
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