Update to this idea >
Could the correction be over? Price bounced right at the median line of the pink Andrews pitchfork shown in the chart and approximately 0.382 of wave 3.
If you draw a channel (shown in yellow) using waves 1, 2 and 4 as reference points (wave 3 popped out of the channel which is not uncommon when using Elliot Wave and channels) and 1.618 of wave 4 you can can see price reaching almost $72 and reaching the channel top and green Andrews pitchfork median line.
My previous long position ($61,50) was stopped out so I will wait to see price action next week before considering a new position.
Could the correction be over? Price bounced right at the median line of the pink Andrews pitchfork shown in the chart and approximately 0.382 of wave 3.
If you draw a channel (shown in yellow) using waves 1, 2 and 4 as reference points (wave 3 popped out of the channel which is not uncommon when using Elliot Wave and channels) and 1.618 of wave 4 you can can see price reaching almost $72 and reaching the channel top and green Andrews pitchfork median line.
My previous long position ($61,50) was stopped out so I will wait to see price action next week before considering a new position.