$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.

Explanation

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

Target

~$1.50 around EOY, because:

1. It's the 2.618 extension level of bear market

2. It's also the 2.0 extension level of 3-4 correction wave

3. It coincides with a channel through 2-3-4 at end of year 2021, see figure below (Frost and Prechter)