Wave C Correction, are we ready to reverse?  
2025-01-10
Category: None

Currently we are in Wave C correction, the last wave of correction in this 12345abc structure. 

We got support at a YELLOW support trend line that started since Nov.  

Currently Wave C is in between 0.5 to 0.618 FIB Extension of Wave A.  

Ideally I'd like to see Wave C correct to at least to 0.618 Extension of Wave A.

So if the yellow support line fail, we will see if it hold the 0.618 extension of Wave A Level

Or what's after that would be 0.786 extension of Wave A, or a 0.618 retracement of the previous 12345 Impulse wave patter.  

Fundamental can play into the Fib level I mentioned,  we can have a slow chop down to those level until US president take office and announce his plan to improve the country's economic outlook.  

To simplify what I mentioned above, here is our support target for entry (trade at your own risk)

$3110.96 (0.618 extension of Wave A).

$3029.16 (0.618 retracement of the 12345 Impulse Wave Structure).

$2942.10 (0.786 extension of Wave A).

$2735.29 (0.786 retracement of the 12345 Impulse Wave Structure).

$2727  (1.0 extension of Wave A)

Happy trading, don't catch the falling knife.  


