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princey37

3,915 Posts.

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31/05/22

16:08

Post #: 61732297
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Originally posted by princey37: ↑

No, I was talking more longer term with the main wedge formation;
This is the whole move from virtually zero, just depends how much weight you put on the early move from 0.003 to 0.03. A weekly log chart is good for a look.
If we assume the 21.5c high is a major top, then this bullish wedge will need to hold up for a sustained move to new highs. That's why I'm not putting as much weight on the 61.8 fib, a move anywhere in the wedge would be fine for mine, that just happens to be in that retrace zone < 61 > 78.
If I start the grid from 1.7c (which fits the waves better) then the 78 level looks like a good target at about 6c, which is also ~ wave 4 congestion area (see second chart).

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On another interesting note, SRN looks like it is about 6 weeks behind MAY! diagonal formation up to the B wave top. Curious...
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