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Non-Tech : Kirk's Market Thoughts
COHR 128.77-2.5%3:59 PM EST
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To: Kirk © who wrote (18837)5/13/2024 8:06:03 PM
From: #Breeze2 Recommendations

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Kirk ©
toccodolce

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Kirk, here's a GE Wave Count Update. I overlaid a Fibonacci price extension ruler on this chart. Typically a wave threes hit the 161.8% price extension. When it was clear that extension level would be surpassed, I noticed the next price extension level was 261.8% ($153.17) which also coincided with strong resistance. Hence I projected a top for Wave (circle) iii at 153.17.

The 300% price extension has now been hit. If this is the top then I'd expect a 38.2 to 50% retracement. - see Fibonacci retracement ruler on this chart. However a parabolic move of 2X or more typically corrects to the breakout point or sometimes 80%.

tradingview.com
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