We can observe a clear five wave advance from the lows, with wave 5 being the largest, almost reaching 1.618 of the distance from point 0 to wave 3 high, which is the typical distance wave 5 travels.
These extended fifth waves often produce a very sharp and steep retracement that swiftly moves price down to wave 5's second wave, or even wave 4 of the whole advance.
Rgmov is showing clear divergence, which is a strong bearish signal, while we also observe a time at mode uptrend target expired, and one more larger timeframe target about to expire at the open on Sunday.
I'll place a short fine tuning the entry from the 1h chart on Sunday.
Good luck!
Ivan.
These extended fifth waves often produce a very sharp and steep retracement that swiftly moves price down to wave 5's second wave, or even wave 4 of the whole advance.
Rgmov is showing clear divergence, which is a strong bearish signal, while we also observe a time at mode uptrend target expired, and one more larger timeframe target about to expire at the open on Sunday.
I'll place a short fine tuning the entry from the 1h chart on Sunday.
Good luck!
Ivan.
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🔒Want to dive deeper? Check out my paid services below🔒
linktr.ee/ivanlabrie
linktr.ee/ivanlabrie
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.