My previous analysis indicated a bullish triangle pattern on the daily chart and the market is reacting as expected.
Yesterday I shared a completed cycle of wave 1 with the market correcting, now we have that correction of wave 2 completed at the 0.382 fib level and the bullish trend is back.
Based on Elliott Wave guidelines, Wave 3 should be very strong and not hug the trendline, also we should expect the terminus of wave 3 at the 200% zone is wave 3 is extended, and we are definitely seeing a potential of wave 3 extending.
As always, your thoughts and feedback are always appreciated.
Signed,
Samore
Yesterday I shared a completed cycle of wave 1 with the market correcting, now we have that correction of wave 2 completed at the 0.382 fib level and the bullish trend is back.
Based on Elliott Wave guidelines, Wave 3 should be very strong and not hug the trendline, also we should expect the terminus of wave 3 at the 200% zone is wave 3 is extended, and we are definitely seeing a potential of wave 3 extending.
As always, your thoughts and feedback are always appreciated.
Signed,
Samore
