$VET [1W] - Longterm Elliottwave analysis
Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.
Bear market 2018-2020 (white)
In this bear market price corrected in a W-X-Y wave.
Bull market 2020-2022 (yellow)
Wave 0-1: 1st impulse wave to bear market high ($0.022)
Wave 1-2: 1st corrective wave to 0.618 of bear market ($0.008)
Wave 2-3: 2nd impulse wave to 2.0 extension level of bear market ($0.285)
Wave 3-4: 2nd corrective wave
Wave 4-5: current impulse wave
~$1.50 around EOY, because:
It's the 2.618 extension level of bear market
It's also the 2.0 extension level of 3-4 correction wave
It coincides with a channel through 2-3-4 at end of year 2021, see figure below (Frost and Prechter)