Newly minted instruments need some initial time to pass and structure to develop before many conclusions may be drawn, and $HOOD has enough now for some predictions to be made.
I conducted my first trial analysis here and though I had no strong basis for the projection for blue b, the general shape of the structure has played out just as anticipated. We did, in fact, move up for blue b and have since created a 5-wave ending diagonal for blue c. That diagonal is now a bullish wedge, broken out. From this pattern we may deduce three targets:
- 61.8% of the wedge
- The top of the wedge
- And then blue wave b
[UPDATE]: Since this has hit two of the three targets, I will file this under “Successful Calls.” I will need to monitor the price action from here prior to making a new call.