5 waves down
Actualizado
The current pullback has 5 waves. thus it should be seen as wave A of a ABC correction. The wave B should retrace the wave A by 50-62% which corresponds roughly with the crossover of the SMA 100 and SMA 200 in the hourly chart. Wave C should be a violent downswing that reaches the length of wave A or more. that would bring us down to the 10000 area next.
The small orange box indicates the target for the wave a of B and is the target for the hammer candle in the 1 hour chart at the bottom of the last down swing. The large orange box marks the end of wave B in the ABC correction pattern.
The small orange box indicates the target for the wave a of B and is the target for the hammer candle in the 1 hour chart at the bottom of the last down swing. The large orange box marks the end of wave B in the ABC correction pattern.
Comentarios
The target area for wave B around 17000 is also the bottom of the 4h or 1h Ichimoku cloud and the bottom of the trend channel that we left with the last downswing.
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