ABC Correction
1]Second wave retracing to the 0.68% Fibonacci level. In Elliot Wave Theory, the second wave is typically a corrective wave that retraces a significant portion of the first impulse wave. The 0.618 (61.8%) level is particularly significant, indicating a strong potential support or resistance zone & suggesting it’s near completion.
2]Completed ABC Correction: This is a common Elliott Wave pattern, representing a three-wave corrective structure labeled as ABC. It implies that the correction has potentially concluded, paving the way for the next impulse wave.
3]Mother Candle/Inside Bar is formation:
Breakout from the range defined by the mother candle as an entry point.
2]Completed ABC Correction: This is a common Elliott Wave pattern, representing a three-wave corrective structure labeled as ABC. It implies that the correction has potentially concluded, paving the way for the next impulse wave.
3]Mother Candle/Inside Bar is formation:
Breakout from the range defined by the mother candle as an entry point.
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