$HOOD
Added 2024-08-07 19:17:36 +0000 UTC$HOOD reports after the close today and the chart is causing a little concern, the fall from $25 to $14 was very aggressive and went straight down to the 0.618 Fib at $14, arguably there is no Wave B in this correction, so we need to assume that it is not in yet
An ABC on the daily chart should have a clear Wave B, it is easy to miss it on Subwaves or on smaller time scales but extremely rare on the daily chart
So any bounce at the moment I believe is only a Wave B bounce before moving down lower to likely test the 0.618 Fib again or possibly lower.
Comments
https://www.tradingview.com/x/V6xWsHN7/
G4Golf
2024-08-08 06:37:22 +0000 UTCHi Gar. Does your thinking change on this if you zoom out to the previous lower low in June 22? ie June 22 to Nov 23, a series of a,b,c to make a w1-2, then Nov 23 to Jul 24, 5 waves up counts nicely for w3. The recent low settled at 0.5 of 2-3 (w4 pullback). Anyhow, looks important to hold 16 (200MA). Cheers, been getting confused with w3 v's w5 completions π
G4Golf
2024-08-08 06:32:59 +0000 UTC
