This is my current EW count for WIF. If we get the chance, buying below $1.20 offers a 4-5x reward if it can reach my Wave 5 target area between $6.40-$7.20. I believe the recent bump up off the lows is just a corrective sub wave 4 on the C leg of an ABC for Wave 4.
The reason WIF had such a big correction after it’s Wave 3 is likely due to an extended sub wave 5 and the fact that large corrections usually revisit the previous 4th wave price range of a lower degree. I like the 0.786 retracement of Wave 3 as the most likely bounce spot to begin the final 5th Wave.
Best of Luck to Everyone!
The reason WIF had such a big correction after it’s Wave 3 is likely due to an extended sub wave 5 and the fact that large corrections usually revisit the previous 4th wave price range of a lower degree. I like the 0.786 retracement of Wave 3 as the most likely bounce spot to begin the final 5th Wave.
Best of Luck to Everyone!