UPL Weekly EW Wave counts with Harmonic Crab Formation WIPUPL Is technically looking solid and every dip should be a buying opportunity.
Per Elliott Wave analysis Wave 3 formation in progress and we know that for any trend wave 3 is usually the strongest part of the trend. Wave 2 exactly retraced up to 0.618 FIB of Wave 1. We can also see subwaves within major Wave 3 but I will let the structure develop itself before attempting to count and measure them. At this point, a fair estimate would be to have wave 3 as 1.618 times of wave 1. We will obviously fine tune and find out a possible zone when subwaves starts to emerge with more clarity. That way we will have FIB Clusters up to which Wave 3 may go.
From the Harmonic Crab Pattern perspective, We see B Point as 0.618 retracement of X-A leg and then C point as 0.382 retracement of A-B Leg. And we know once we identify the structure with 0.618 as B and 0.382 as C, this is usually Crab Pattern with 1.618 projection on X-A leg.
I always recommend having a free account with Scott's harmonic trader website, download all the three PDF copy and read the concept. It is really amazing and accurate. From EW perspective, please read EW Wave book "Elliot Wave Principle : A Key to Market behavior" by Frost and Prechter.
