Green Wave 3 on the Rise, With a Bump in the Road Expected
The analysis suggests a bullish outlook with a potential correction before a final rally. Here's a breakdown:
Big Picture:
Green Wave 3: This larger uptrend is forming impulsively, consisting of smaller five waves labelled blue 1-5.
Blue Wave 4: Completed in May 2024, establishing a bottom at 2277.20.
Blue Wave 5: Currently underway, expected to reach the 2488-2500 area. Once complete, it will also finalize Green Wave 3.
Correction: A price dip towards the 2400 area is anticipated after Blue Wave 5 finishes.
Final Rally: This is expected to follow the correction.
Short-Term:
Green Wave iii (of blue wave 5): Likely completed within a lower timeframe.
Green Wave iv (of blue wave 5): Currently in a corrective phase.
Trading Recommendations:
Hold: Avoid selling during the uptrend.
Wait for Confirmation: Hold off on buying until Green Wave iv completes, signalling a resumption of the upward trend.
Breakout Watch: If the price surpasses the 2450 high, it suggests Green Wave iii might need more upside movement before completion.
Remember: This is a simplified analysis, and market conditions can change rapidly. Consider using this information as a guide alongside other technical indicators and your own risk management strategies.
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