Technical analysis by ewturk about Symbol PAXG: Sell recommendation (12/5/2024)

W0-W1: 1614-2079 (+465 points)W1-W2: 2079-1810 (-269 points)W2-W3: 1810-2790 (+980 points)Let's create scenarios following the rules:Scenario 1: Simple W4 CalculationSince W2 is complex, W4 will likely be simple (alternation principle)W3 movement = 980 pointsMaximum allowed for W4 = 50% of W3 = 490 pointsTherefore first target range: 2790 - 490 = 2300 levelScenario 2: Price Relationships Based on RulesW4 should be > 38% of W3 (minimum requirement)38% of 980 = 372.4 pointsThis gives us minimum target: 2790 - 372.4 = 2417.6Price Target Range Based on Rules:Minimum: 2417.6 (38% retracement)Maximum: 2300 (50% retracement)Most probable: 2350-2400 (based on 43-45% retracement)Time Considerations:Since W2 was complex, W4 should be shorter in timeW4 should take between 20% to 100% of W2's time durationKey Warning Signs:If W4 goes below 2079 (W1), it would invalidate W5 setupIf W4 exceeds 50% of W3 (below 2300), probability of 5th wave failure increasesMost Likely Scenario:A simple zigzag correction targeting 2350-2400 area, taking less time than W2, with oscillator crossing zero line at least twice during the movement.The ideal scenario would see W4 as a zigzag pattern staying above 2300, not penetrating W1 high of 2079, and completing within a shorter timeframe than W2.