Happy New Year all.
@extendedleave
In regards to wave 3, the rule is that it cannot be the shortest.
Also my chart is a little bit deceiving, it’s a screen shot on a I Mac screen and it tends to stretch things in trading view.
Wave 1 is $1.78 to $2.67 - 89c
Wave 3 original is $2.30 - $3.19 - 89c
Updated to $3.40 takes it to the 1.236 fib - $1.10 increase.
As we have already hit $3.30 wave 3 has surpassed wave 1 for height (my understanding is length is price not days, but happy to be corrected) so wave 5 can be any length as wave 3 has ticked the rule.
Will definitely take a look at your strategy as entry price is the key for the trading parcels.
As for those talking about a retrace, well if we were to start one from the $3.30 I would say based on back testing PLS historical retraces, .382 fib would be the most likely and usually overshoots a little so around $2.92 possible.
There is the obvious gap at $2.98
GLTAH
PLS chart, page-4462
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Last
$3.00 |
Change
-0.080(2.60%) |
Mkt cap ! $9.032B | |||
| Open | High | Low | Value | Volume |
| $3.04 | $3.05 | $2.97 | $55.47M | 18.46M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 980 | $3.00 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.01 | 39640 | 5 |
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| Last trade - 16.10pm 28/08/2024 (20 minute delay) ? |
| PLS (ASX) Chart |