Multiple cad pairs coming off fib retrace and fib extension measurements that are confluent to their wave patterns. If you watched my Ecad video on my channel, I mapped out a long-term W-X-Y
scenario on the larger scale. I suggest you check it out. Right now Ecad is coming off the 1.618 fib extension for a possible wave 4 retrace, which 38% would line up with wave 5 being exactly equal length to the next major support level
. It is also possible for this to be a "C" wave, propelling Ecad into a larger corrective structure, but considering everything, I think we get continuation for another wave down. So my bias will be to look for buy setups up to the 38% level and will assess the price action and wave pattern at that point until something changes. The TDI
is turned up on 4 hr
, bottomed out on daily and showing downside on weekly, which also seems to jive with this scenario...