previously, i said that ELF was in wave 4 corrective, and this is playing out as planned. the timing of wave 5 was indeed not perfect, but notice from 1/24 to 1/25 the decline in volume, which suggested that bulls had run out of energy and a correction was imminent.
the question is. when will wave 4 end? right now we are looking to test the 200-hr MA, which happens to be right on the 0.38 fib level. this would be a decent spot to start stacking buys. i've also drawn the parallel downward channel we are in right now, which will get broken on reversal.
currently, we at a 0.5 fib and it looks like we could be reversing at 0.5 fib line. but i read this correction as a 5-3-5 zigzag, which suggests there is still some time to go. i also don't think my current drawing is completely to time-scale, so i expect this correction to take some time (maybe 3-6 more days).
this is not investment advice, dyor :)
the question is. when will wave 4 end? right now we are looking to test the 200-hr MA, which happens to be right on the 0.38 fib level. this would be a decent spot to start stacking buys. i've also drawn the parallel downward channel we are in right now, which will get broken on reversal.
currently, we at a 0.5 fib and it looks like we could be reversing at 0.5 fib line. but i read this correction as a 5-3-5 zigzag, which suggests there is still some time to go. i also don't think my current drawing is completely to time-scale, so i expect this correction to take some time (maybe 3-6 more days).
this is not investment advice, dyor :)