$AFRM - IMPORTANT LESSON -
Added 2024-01-11 17:26:55 +0000 UTCPeople may be wondering how we were able to find the First and Second Targets here and how can we find a stock that can jump from $15 to $51 in 5 months?
This chart shows how.
The theory is that the largest width of a descending wedge is the potential distance a price action can extend to if it breaks out.
I have highlighted this with the long white ovals, both are exactly the same in length.
When the price action broke out of the wedge in August, it bounced strong, retested on the 200 Day MA and took off, the total climb is the exact same distance as the largest width of the wedge.
We then use EWT to find the pull back levels.
I am watching for the 0.38 Fib at $37.43, along with the support of the 50 Day MA to hold and bounce for Wave 5.
Comments
Where did you learn this? Elliot waves are simple?
Rene
2024-01-12 14:29:28 +0000 UTCDoes this apply to $PYPL and $BABA, and are the targets with this method in line with your EWT projection? Just wondering.
Thomas
2024-01-11 22:14:24 +0000 UTC
