(Elliott Wave) Double zigzag correction is just half way in

6. Jan.

Global inspection suggests that correction (monthly timeframe) has not yet reached even the minimum targets (marked with red lines on a logarithmic scale).

Local inspection suggests that correction is emerging in a double zigzag formation:
- First zigzag (W) reached the lowest point of $0.262
- Right now ugly wave (X) is forming (retraced 0.618 of wave (W))
- Expecting one more zigzag (Y) with least the same length of wave (W) potentially reaching $0.18 (aligns with weekly 50 EMA) with an on the way pullback near $0.28 (aligns with daily 200 EMA).

13. Jan.

Anmerkung

We now have wave (A) and (B) completed within wave (Y).

I expect wave (C) to land near $0.24 price mark:
1. Wave C in ABC correction should reach further than wave A (lower than $0.26 in this case)
2. $0.24 matches with monthly timeframe 0.382 fibo retracement (minimum level to consider valid correction)
3. $0.24 is exactly 1.272 (in zigzags wave C usually longer than wave A)
4. $0.245 is a top of margin of of a monthly Average True Range channel.

13. Jan.

Trade ist aktiv

Current pullback seems like a great short entry opportunity.

15. Jan.

Anmerkung

Update: Wave B extended to retrace 0.618 of wave A. If you wanted to short, this is a great opportunity. Upcoming dip also aligns with USA inflation data today.

15. Jan.

Trade geschlossen: Stop wurde erreicht

Apparently we are in an extremely bullish market, so the potential for correction was realized earlier than I expected. sorry for that, I suggest opening a long and waiting for the previous highs to be reached.