$OCGN here’s one more. Remember again this is a daily chart that is compressed on mobile. My price targets in earlier wave counts were based on daily closes. Notice how the intersection of horizontal reversal support/resistance lines intersect with current channel lines to periodically create triangle shapes. These are the potential landing points for consolidation. Consolidation typically happens in Wave 4 corrections in a standard 5-wave. We saw it in this wave, but the fact it broke to a wedge and retraced 61.8% is why I’m confident it’s wave 3-i of an extended wave 3 and not wave 3 of 5. .56 was the quintessential low risk high reward entry, because 1-2 validates the break retest (.45-46 was the break from the previous shoulder line). That’s why wave 3s are more powerful. We’ve seen waves i and ii and are set for what should be the strongest leg yet (normally wave 3 is 161.8 extension of the 1-2 move. The triangles offer glimpses of where we could see consolidation for 3-iv.
  • 1
  • 3