It’s all Fibonacci and Elliott wave principles
Support: Dotted Turquoise , Resistance: Dotted Purple
Staring (point 0) from bouncing at resistance line, then:
Wave 1 – Fib 0.618 : Dec 12 (touched support line)
Wave 2 Jan 7 (touched resistance line)
Wave 3 Fib 0.382 : Feb 5 (touched support line, , also last 9 months support line in red)
Wave 4 Mar 5 (touched resistance line)
Wave 5 (Guessing) by Mid-April, based on last 4 years history
I think wave 5 won’t make it to Fib 0.236 because it will meet the historical support line (yellow) on its way.
Staring (point 0) from bouncing at resistance line, then:
Wave 1 – Fib 0.618 : Dec 12 (touched support line)
Wave 2 Jan 7 (touched resistance line)
Wave 3 Fib 0.382 : Feb 5 (touched support line, , also last 9 months support line in red)
Wave 4 Mar 5 (touched resistance line)
Wave 5 (Guessing) by Mid-April, based on last 4 years history
I think wave 5 won’t make it to Fib 0.236 because it will meet the historical support line (yellow) on its way.
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