1 Oct 2020 ● 01:16 PM
In my last update on REC I thought wave 2 was complete at the point now marked as A of 2. Wave 2 went down to 66% retracement before the recent bounce and now the daily momentum shown on the chart is in buy mode. the moving averages are at 105.3 as the first hurdle. A close above that would further confirm wave 3 up in force.
Wave 3 can be calculated using the Elliott wave calculator as follows. 134 and 158 depending o the actual size.
|Wave||0||1||%||2 - 0.618|
|Wave||2||%||3 - 1.0||3 - 1.618|