World Index shows fifth wave is still missing

Gregor Horvat Wavetraders

World Index ETF with ticker $XWD has extended its rally for 261,8% Fibonacci retracement, which is ideal zone for wave 3, so current slow down can be just a higher degree ABC correction in wave 4. It’s now testing interesting and important textbook support at the former wave 4 swing low, 38,2% Fibonacci support area with equal wave length of waves 2=4. So, if we will get a sharp or impulsive rebound, then we may easly see a bullish resumption for wave 5 this year. Invalidation level is at 90.

Basic impulsive Elliott wave pattern shows that World Index is finishing wave 4 correction that can extend the rally for wave 5.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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