Looks like we are having a possible bearish three drive.
First bullish wave from 50.38 to 55.75
First bearish Pullback 55.75 to 51.23 ( less than 0.9 retrace of first bullish wave)
Second bullish wave from 51.23 to 57.88 ( 1.47 extension of First bearish pullback )
Second bearish pullback from 57.88 to 54. 52 ( less than 0.9 retrace of first bullish wave)
Third and the most important BULLISH wave up. It is likely to be same as second bullish wave--- 1.47 extension of 2nd pullback,where land us at right below 59.6 .. roughly 59.25 to 59.46 zone. Looking for a reversal candle around this area would be a good idea.
Now the the price movement seems symmetrical, however, the time frame is not yet. The two bearish pullback wave was 6 days each, and the bullish waves are around 15 to 16 days. The Third bullish wave we are in now hit 58.95 on Friday. If we do end this wave in the 59 zone, we have to travel around 10 days to get there... ... oh well, its gonna be some twisted movements.
First bullish wave from 50.38 to 55.75
First bearish Pullback 55.75 to 51.23 ( less than 0.9 retrace of first bullish wave)
Second bullish wave from 51.23 to 57.88 ( 1.47 extension of First bearish pullback )
Second bearish pullback from 57.88 to 54. 52 ( less than 0.9 retrace of first bullish wave)
Third and the most important BULLISH wave up. It is likely to be same as second bullish wave--- 1.47 extension of 2nd pullback,where land us at right below 59.6 .. roughly 59.25 to 59.46 zone. Looking for a reversal candle around this area would be a good idea.
Now the the price movement seems symmetrical, however, the time frame is not yet. The two bearish pullback wave was 6 days each, and the bullish waves are around 15 to 16 days. The Third bullish wave we are in now hit 58.95 on Friday. If we do end this wave in the 59 zone, we have to travel around 10 days to get there... ... oh well, its gonna be some twisted movements.