First off, short term retracement could be over. I'm seeing reverse bullish divergence on the RSI (shown in pink line) which is a sign of continuation. The primary RSI trend seems to be in the positive direction so we’d expect that trend to continue. The MACD indicator is showing that there could be a reversal coming as well.
The Elliott Wave count is shown. If this count is correct, then we could be seeing a first wave starting to develop with a .38 retracement. Using that assumption we can use the following targets:
- 4393 (.618)
- 4851 (1)
- 5637 (1.618)
The ratio to wave 1 is shown for each. These zones are fibonacci confluence zones which makes them strong targets.
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