PRU has just finished a minor correction wave and a major wave 2. Price Action has caught up at the 50 daily MA but still looks to have a good deal of strength to be able to cross it. Looking back at wave 1 the move is playing out similarly where it was at about halfway point of the move that after a stall the price jumped. I’m not tipping a price jump here, but it’s good to see that this is normal so far. I would count confirmation of wave 1 at least by the crossing of the 50MA. The completion of the move will be the peak of wave 5 of the previous impulse.
It’s important to remember that wave 3 is generally the strongest part of the impulse wave, so the real move to get on board with to minimise risk will be to wait for confirmation of the completion of wave 1 which is the peak of wave 5. Wait for a consolidation and a regression of price for wave 2 to finish. I’ve not shown it here, but the regression of major wave to relative to major wave 1 is a regression to the 0.66 fib level, so the same rough measure could be applied. Now this will then be minor wave 3 of major wave 3 so you could expect a good push out of this if the Elliot wave is correct framework.
It’s important to remember that wave 3 is generally the strongest part of the impulse wave, so the real move to get on board with to minimise risk will be to wait for confirmation of the completion of wave 1 which is the peak of wave 5. Wait for a consolidation and a regression of price for wave 2 to finish. I’ve not shown it here, but the regression of major wave to relative to major wave 1 is a regression to the 0.66 fib level, so the same rough measure could be applied. Now this will then be minor wave 3 of major wave 3 so you could expect a good push out of this if the Elliot wave is correct framework.
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Looks like this could be a flat wave correction. The wave one impulse has expired on it reaches to point I have the 2 drawn in. There could however be a trend line across the peak which can act as a break point to watch.
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Breakpoint moved to 0.80 cents
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Here we go. Beginning to get some movement. I’m not sure exactly where the wave has moved to now, but I’m looking to see this continue to the top support line. We can Rendite it from that point.