Hey Guys,
The following is the details of the analysis:
Wave 1, 2, and 3 Completion:
Wave 1 marks the initial move after the reversal.
Wave 2 is a corrective pullback.
Wave 3 is the subsequent strong move in the trend direction. In Elliott Wave Theory, Wave 3 is often the longest and strongest, commonly reaching at least the 1.618 Fibonacci extension of Wave 1’s length. However, you’ve observed that Wave 3 in this case did not reach this typical target (1.618) and is shorter than expected, meaning it’s not an "extended" wave.
Current Position - Wave 4:
The price is now in Wave 4, which is typically a corrective phase moving against the prior Wave 3 trend. This suggests a consolidation or pullback is happening before the final Wave 5 begins.
Wave 5 Projection:
Since Wave 3 was shorter than the usual 1.618 extension, Wave 5 might extend instead. In Elliott Wave rules, when Wave 3 isn’t extended, Wave 5 often takes on a more significant move. The estimated target is of 560 in a "normal case" for Wave 5, but if it extends (e.g., reaching a Fibonacci level like 1.618 or 2.618 of prior waves), the price could go even higher.
Disclaimer: This analysis is based solely on the provided observations and Elliott Wave Theory principles. It is not financial advice, nor a recommendation to buy, sell, or hold any asset. Past price patterns do not guarantee future results, and market conditions can change unpredictably. Always conduct your own research or consult a qualified financial advisor before making investment decisions.
The following is the details of the analysis:
Wave 1, 2, and 3 Completion:
Wave 1 marks the initial move after the reversal.
Wave 2 is a corrective pullback.
Wave 3 is the subsequent strong move in the trend direction. In Elliott Wave Theory, Wave 3 is often the longest and strongest, commonly reaching at least the 1.618 Fibonacci extension of Wave 1’s length. However, you’ve observed that Wave 3 in this case did not reach this typical target (1.618) and is shorter than expected, meaning it’s not an "extended" wave.
Current Position - Wave 4:
The price is now in Wave 4, which is typically a corrective phase moving against the prior Wave 3 trend. This suggests a consolidation or pullback is happening before the final Wave 5 begins.
Wave 5 Projection:
Since Wave 3 was shorter than the usual 1.618 extension, Wave 5 might extend instead. In Elliott Wave rules, when Wave 3 isn’t extended, Wave 5 often takes on a more significant move. The estimated target is of 560 in a "normal case" for Wave 5, but if it extends (e.g., reaching a Fibonacci level like 1.618 or 2.618 of prior waves), the price could go even higher.
Disclaimer: This analysis is based solely on the provided observations and Elliott Wave Theory principles. It is not financial advice, nor a recommendation to buy, sell, or hold any asset. Past price patterns do not guarantee future results, and market conditions can change unpredictably. Always conduct your own research or consult a qualified financial advisor before making investment decisions.
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