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Now the market is showing impulsive like a c wave. The support area of the last fourth waves have been broken. The extensions show the 1-2 points at different levels of waves. The third wave should be around or just beyond the 1.618 area then a fourth wave. The fourth wave could be a receding, flat, or progressive wave pattern as I referred to them as.
The yellow line is drawn off the beginning of wave 1 and end of wave 2 and wave four most often touches before a fifth wave starts. So next confirmations is the third wave mark and fourth wave yellow line touched before fifth wave begins.
Can you help answer these questions from other members on NexusFi?
Be careful as anywhere after the .618 on top chart a wave red C could be a failure wave. With the slow movement of this movement creates the possibility it is true. Todays formation should reveal if this pattern is just a larger ABC pattern and the downtrend is ending here. After a wave four we got a clear 1-2 formation looking for that extended 3 wave and if a wave five happens, diffidently up the market goes.
I bought the market this morning. Looking at it now it appears the 50% of wave four is complete, and .618 retrace has been hit to go higher. Need more confirmation the trade was correct.
The grey area in the lower chart appears more like an ab pattern then a fourth and fifth wave failure. We now have an impulsive wave outside the grey area. Not sure what pattern this is, but guessing it is a ab extended c wave pattern. Making it possibly a D wave of the red count. The market should touch the yellow line before fifth wave finishes. I am looking to short in the upper 1.618 area. Check it tomorrow as swing trading is not sitting and watching the computer. Put your trade in and run for fun.
Got the exit and reverse trade but knocked out at 35 lost. Not even ten percent of profits.Re enter short looking for .618 as initial target and look for the impulsive pattern to ID the turn point in that area.
Almost there, looking lower around .618 and 1.618 for entry or the yellow line broken to indicate the swing trade has ended. Time to go north for a few days. North should be a Huge wave c pattern of an impulsive wave pattern of 121345 as wave A was abc.
Here is a long term count and this wave should be a wave c impulsive wave of 12345 count. Will swing trade with that in mind.
Notice the grey area with a nice head and shoulder pattern just before breaking out of the yellow line. Triggering a buy signal we were looking for at the yellow line. Wait for the market to show the pattern for this swing trade.
Screenshot 2023-06-01 at 11.32.22
WOW it has to be a b wave and my count is wrong. b waves are very explosive at times and the fastest wave that I know of and often just a couple of bars and it is over.
What I labeled as a yellow a wave appears more of a corrective wave and how slow it moved indicates the same. This up move would be the b wave and looking at 1.618. to swing the other way.
where I drew the trend line is not a 1-2 wave.
Firstly on the charts what’s the time frames posted for clarification as well as the last post of yours?
I’m a tradeview guy.
My synopsis……
The correction from December 2022 till the breakout in April could be a running triangle at the higher degree’s. Could also be a flat. This is to be determined. Price hasn’t given enough information on this as of now.
As far as now, the move from the low at the beginning of May till now could be an abc or a 3rd impulse off that low. This will be known shortly depending on magnitude of correction, sp just made a 5th off the late May low and is now correcting. Short term bearish, gaps to be filled lower.
The market is bullish, more inflation is coming, the government is defaulting on its domestic and international liabilities
