A lot of information in this chart but the potential for a big trade here.
First lets talk about Wave 3 subwaves
Wave 3 was extended so we should assume a .786 extension of waves 1-4. ONT reached just above this mark before starting its wave down so the count is very likely to be correct here.
Now the primary waves
Wave 3 did not reach the 1.618 extension of waves 1-2. This is incredible considering ONT's run this far. Wave 2 retraced into Wave 1 Subwave 4 so this count also has a high degree of credibility.
What this means
If wave 1 and wave 3 are not extended, we should assume an extended 5th wave. Which is unbelievably marked on the chart.
The Targets
Buy zone - 88000-81000
Target 1: 12289
Target 2: 14150
Target 3: 20800 ?!?
First lets talk about Wave 3 subwaves
Wave 3 was extended so we should assume a .786 extension of waves 1-4. ONT reached just above this mark before starting its wave down so the count is very likely to be correct here.
Now the primary waves
Wave 3 did not reach the 1.618 extension of waves 1-2. This is incredible considering ONT's run this far. Wave 2 retraced into Wave 1 Subwave 4 so this count also has a high degree of credibility.
What this means
If wave 1 and wave 3 are not extended, we should assume an extended 5th wave. Which is unbelievably marked on the chart.
The Targets
Buy zone - 88000-81000
Target 1: 12289
Target 2: 14150
Target 3: 20800 ?!?