Elliot Wave analysis. A wave almost complete. 4th sub-wave looking complete, signs of rejection at the moment at 0.382 fib level.
Note: Wait for confirmation of a 4HR close below the 0.382 fib level.
RSI & MACD - Preparing for a bullish divergence on a 4 HR chart?
Wave lengths detail - A complete Impulse wave should be 2.618.
First wave - 0.5 Second Wave - 1.618 (3rd wave usually the longest, never the shortest) = Fifth wave - Should also be equal to the first wave (0.5)
0.5+1.618+0.5 = 2.618
As things stand a short term short position is preferred.
Note: Wait for confirmation of a 4HR close below the 0.382 fib level.
RSI & MACD - Preparing for a bullish divergence on a 4 HR chart?
Wave lengths detail - A complete Impulse wave should be 2.618.
First wave - 0.5 Second Wave - 1.618 (3rd wave usually the longest, never the shortest) = Fifth wave - Should also be equal to the first wave (0.5)
0.5+1.618+0.5 = 2.618
As things stand a short term short position is preferred.