Welcome to VitalFinance!
Publisher is the well known blogger and technical analyst "the smart goldfish" Ioannis Deligiannis.
We continue this week with the updated GI analysis published by Greenbull.
The probability that the “R” correction is not a correction of the fifth wave but the correction of the whole 1st wave from 420-895 is very strong. We identify that by two characteristics:
- Duration bigger than wave 5
- Retracement bigger than 71,93% of wave 5 and still falling.
Among many scenarios we will pick one that has better chances to be verified. The “good” scenario is a mild correction WXY. In this case the correction will be less in range (almost 50% of the 1st wave) and duration (almost 12 months). Here also the exact targets will be identified in a later stage. Necessary condition is that “a” and “c” has to be with 5 wave internal structure.