3rd Impulsive Wave!
Elliot Wave Anlaysis
I've tried to keep it as clean and simple as possible, showing you all the different sub-waves and waves; impulsive and corrective, along with a couple of patterns.
We can see price respecting an uptrend channel creating higher highs and higher lows; therefore we must go with the trend.
As you can see, the corrective wave (ABC) has finished and we can see an immediate bounce off of the trendline. This bounce occurs in a key Fibonacci Retracement level of between 50.0% and 61.8%; a sign of a healthy trend.
By projecting the Fib Extension of the last high with the yearly low, we can see that the 161.8% is near a key resistance level between 1295s and 1300s
Therefore, we could expect Impulsive Wave 3 to extend toward such resistance area.
Best of luck!
_
Felipe
Owner & Creator:
Trading Simple International
I've tried to keep it as clean and simple as possible, showing you all the different sub-waves and waves; impulsive and corrective, along with a couple of patterns.
We can see price respecting an uptrend channel creating higher highs and higher lows; therefore we must go with the trend.
As you can see, the corrective wave (ABC) has finished and we can see an immediate bounce off of the trendline. This bounce occurs in a key Fibonacci Retracement level of between 50.0% and 61.8%; a sign of a healthy trend.
By projecting the Fib Extension of the last high with the yearly low, we can see that the 161.8% is near a key resistance level between 1295s and 1300s
Therefore, we could expect Impulsive Wave 3 to extend toward such resistance area.
Best of luck!
_
Felipe
Owner & Creator:
Trading Simple International
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