Double ‘THREE’ (Combined Zigzag)
A single Zigzag is a correction pattern of a simple three-wave declining pattern in a BULL market.
Occasionally Zigzag will occur twice, or at most three times in succession but as in this case it will tend to occur twice since the first zigzag ended at the 0.618 FIB.
So particularly when the first ZIGZAG falls short of the normal target, the second zigzag forms to reach the supposed target. In ETHUSD 1D first zigzag occurred still the price have not been OVERSOLD using RSI.
Each ZIGZAG is separated by an intervening “three” waves, producing what is called a DOUBLE ZIGZAG.
• Trading ‘Hanging man candlestick pattern’ with confluence; as at the time the price was seen overbought at the peak of the bull trend(which will be that ‘three’ wave intervention to continue the second zigzag) a HANG MAN candle appeared at that top of 0.236(1781.70) FIB indicating an arrival of the bears again to finish their own role and weakness of the bulls at the point(which was as correction here not minding that the overall trend is bullish) confirmed the else reason to ride another zigzag which can be ended at a trough of 0.786 FIBONACCI level.
CONTINUATION OF BULL MARKET ARISES AFTER THIS COMPLETION OF DOUBLE ZIGZAG which I already set the mark ahead using the upward red arrow.
Discuss later.
Occasionally Zigzag will occur twice, or at most three times in succession but as in this case it will tend to occur twice since the first zigzag ended at the 0.618 FIB.
So particularly when the first ZIGZAG falls short of the normal target, the second zigzag forms to reach the supposed target. In ETHUSD 1D first zigzag occurred still the price have not been OVERSOLD using RSI.
Each ZIGZAG is separated by an intervening “three” waves, producing what is called a DOUBLE ZIGZAG.
• Trading ‘Hanging man candlestick pattern’ with confluence; as at the time the price was seen overbought at the peak of the bull trend(which will be that ‘three’ wave intervention to continue the second zigzag) a HANG MAN candle appeared at that top of 0.236(1781.70) FIB indicating an arrival of the bears again to finish their own role and weakness of the bulls at the point(which was as correction here not minding that the overall trend is bullish) confirmed the else reason to ride another zigzag which can be ended at a trough of 0.786 FIBONACCI level.
CONTINUATION OF BULL MARKET ARISES AFTER THIS COMPLETION OF DOUBLE ZIGZAG which I already set the mark ahead using the upward red arrow.
Discuss later.
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