Technical analysis by muraatboyraz about Symbol AR: Buy recommendation (8/8/2024)

AR is a pair that I personally like to trade. It hasn't disappointed me much in the counts I've made so far. I had completely zeroed out my risks since my last post. Finally, I was able to get the moves I wanted. There are two scenarios that stand out as of the final point the structure has reached. The primary scenario (orange) is the possibility of the correction being in the form of WXY, or 'Double Zigzag'. There are some situations that make this possibility stand out compared to the other possibility. Namely; the $16.29 level that I marked with the orange horizontal beam on the chart is the point where the w:y waves overlap exactly 1:1. The almost 35-40% reaction we got from that level gives me signals that this possibility is at the forefront. When I examine the reaction we got in low time frames, I can see very clean impulse waves. Although I can see an impulse structure in the low time frame, our key level where we will get confirmation to say that the decline is over with the WXY possibility is $28.55. If we go to this level without making a new bottom and even drop a needle, I will eliminate the alternative of the count. The secondary scenario (white) is the possibility that the correction will end in ABC form, that is, with a ‘Zigzag’. I have shown their placements on the chart with white arrows. A progresses with a 5-wave within itself. Our intermediate B wave and then our C wave, which we expect to be in a 5-wave structure again. In this scenario, there is still an incomplete last leg of the C wave. I have also described how it can be completed with the white path. In the event that this scenario becomes active, I have predicted where the C wave will end as the $14.03 level, which is the 1:1 ratio of the a:c waves. This scenario will become active in the event that the previous bottom is violated, even with a needle. Another reason why this possibility is weaker for me is that the wave I marked as ‘lower b’ has exhibited a very impulsive movement. It seems more reasonable to mark this place as the C leg of an ‘Expanded Flat’ X wave. At the end of both scenarios, I will be waiting for new peaks in this parity. I am updating my goals and the chart step by step and according to the status of the count. I hope that as the movements mature, we will take steps with clearer ideas.