We're very clearly somewhere in the SOS or BU phase of this reaccumulation. So, I started asking how high can we go?
Here's what we have:
I drew two trend lines to consider possible future paths of respect. As you can see, they intersect very near the top of our upper band of resistance. So, as we back up, I think we will land in or near that yellow circle between the two trend lines. Using that as the bounce point, I then used the fib extension to guess at amplitude of the next run. Not knowing Elliott well enough to use that system as a way to check my work, I fully admit this may be off. If anyone knows Elliott well, maybe there's a place where our two methods come into focus with one another?
Price Targets I'm looking for:
ZONE 1: $5.00 - $5.50
ZONE 2: $5.50 - $6.50
ZONE 3: $6.50 - $8.00
Here's what we have:
I drew two trend lines to consider possible future paths of respect. As you can see, they intersect very near the top of our upper band of resistance. So, as we back up, I think we will land in or near that yellow circle between the two trend lines. Using that as the bounce point, I then used the fib extension to guess at amplitude of the next run. Not knowing Elliott well enough to use that system as a way to check my work, I fully admit this may be off. If anyone knows Elliott well, maybe there's a place where our two methods come into focus with one another?
Price Targets I'm looking for:
ZONE 1: $5.00 - $5.50
ZONE 2: $5.50 - $6.50
ZONE 3: $6.50 - $8.00
