Price has made significant Low at 20th August 2021. Extreme low has given us beautiful Impulsive structures. Wave ((1)) Wave Nature: Motive wave Type of motive wave: Impulse (Five waves) Wave ((2)) Wave Nature: Corrective waves Type of corrective pattern: Irregular or Expanded flat. Retracement of wave ((2)): 50% of wave ((1)). Wave ((3)) Wave Nature: Impulse (3rd wave can only be an Impulse with 5 waves) Extension of wave ((3)) : At this motion, price is riding on sub-wave (3) of wave ((3)). Wave has an extension of ((3)) 161.8%, but the party is not over yet. We are to get waves (4) and (5) of wave ((3)). One can expect 2.618% of wave ((3)) and even more! Sub-waves of wave ((3)) : Wave (1) is an impulse. Wave (2) is an irregular flat. Wave (3) is an impulse. Extension: 161.8% of wave 1 The price extension of wave (3) is 161.8%. If the price breaks the 1.39154 level without any correction, we will have a powerful extension. Wave (4): According to rules of alternation, if the second wave seems flat & time-consuming, then wave four can be sharp and quick. We may get a running triangle or a zigzag correction. Common Retracement: 38.2% of 3rd wave at 1.38305 50% of 3rd wave at 1.38101 61.8% of 3rd wave at 1.37924 50% retracement for wave 4 is acceptable for two reasons: 1. An Important support level is the 1.38107 – 50% retracement level of Wave 3. 2. Wave 4 is more often complete nearby the sub-wave (4) of wave ((3)). If the price breaks the hurdle line, Continue reading
