In my opinion when we look to a long time period, we have to use both log and linear scale because the log show better the old part but it squeezes too much the more recent part so, on a log scale we don't easily understand the importance and the real size of the last part of the movement.
So let's see:
Weekly on log scale:
Weekly linear scale:
Notice that the most important rule in Elliot wave theory about retracements, is that it should finish near the end of the previous wave 4 of only one lowe degree. So, we should be there now and this is the most important bullish signal in my analysis.
Now let's zoom in the last 5 wave on 2h chart (linear scale)
I think the 3 historical wave has started.
Now let's see some momentum indicator, we see a important RSI bullish divergence on daily tf, and a bullish Stochastic cross:
Legal Disclaimer: All my analysis are just showing possibile scenarios and not predicting the future. Technical analysis gives wrong signals very often and it just give clues to reason on the future development of a financial product. The price move often in a unpredictable way. Never invest basing only on my predictions which can be wrong and always use a correct money management. I do it for personal interest for free, I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind.
Informazioni legali:
Tutte le mie analisi sono fatte per divertimento e non sono affidabili, io non posso prevedere il futuro ma semplicemente cerco di trarre indizi da vari aspetti fra cui l’analisi tecnica per immaginare il futuro andamento dei prezzi.
Questo lo faccio perché mi diverte e qualche volta mi fido delle mie analisi al punto di utilizzarle a scopo di trade, ognuno di noi deve fare le sue analisi e non basarsi mai ciecamente su quelle degli altri.
Non ho quindi nessuna responsabilità per eventuali perdite che dovessero conseguire all’utilizzo delle mie analisi e io non sono un professionista che lo faccia per lavoro.