Eliott Wave Entering wave 3 or wave 5 of the complete basic wave pattern
Silver
Hello good afternoon traders,
i used the Fibonacci retracement tool to help me understand the retracements on this chart. After Wave 2, the Market continued to sell. Wave 2 ( a corrective structure ) is correcting Wave 1 and the Fibonacci retracement shows that clearly. It bounced right on the 61.8% level, Or you can call it a ( support line ) determined by previous price action . This was an ideal time to buy. You know what they say, Buy low, Sell high. Always wait for a correction before buying. Right now, Silver is in an impulsive motion and it's going to go past the previous high and follow it's way to the top.
Good Morning :) Nice observation. However, Wave 1 did not start @ 14.625 (or 14.598 to be more accurate) .. it started @ 13.625.
this will only make sense if we count it as 1-2 then (1-2) of 3. That means that we are now in wave 1 of 3 of 3 and after a small correction for wave 2 of 3 of 3 we will shoot up in wave 3 of 3 of 3 (see chart below)
VolcyWaveIntlx
⋅
Hi ! I appreciate the comment. I must say you're very accurate in this chart. Great work. I also see that it retraced to the 61.8% level which confirms the end of the correction and on to wave 3.
this will only make sense if we count it as 1-2 then (1-2) of 3. That means that we are now in wave 1 of 3 of 3 and after a small correction for wave 2 of 3 of 3 we will shoot up in wave 3 of 3 of 3 (see chart below)