$NMUNI – Nuveen Municipal Closed-End ETF Index

Monthly Elliott Wave Count:

 Detailed Weekly chart with recent price action:
Detailed Daily Chart:
My bias remains bullish for this index due to the characteristic of WXY move that can be counted as eternal 3-3-3 WXY move.
W leg is 5-3-5 ABC ZigZag move
X leg is 3-3-3 ABC ‚three’ move
Y is on the making:  1 or A is five wave structure, 2 or B is corrective three wave structure and now we are approaching final stages of wave C (Y) that have been developing so far as five wave structure.
Right
now price is going up  to min.4200 points to target wave 5 extension.
The min. target  for wave 5 is the top of the rectangle area (100%Fib
Extension of wave A; C=A).
Fibonacci
fan works as a support: an extension of the orginal ine from 1995 might
be a nice confuence level working as a resistance for final wave 5 (Y).
Pleas enotice how FiboFan levels worked as support during the years.

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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