Zig Zag Correction ABC?
Updated
On the 4 hours chart, looks like ABC correction has not ended and it is going to be a 5-3-5. Expecting 17k to be the top then down to 12.2k or so. Waiting to see where B ends exactly to confirm if it will be a flat correction. But if this confirms to be a zigzag correction ABC then there is a potential for double / triple zigzag correction below 10k. Very good opportunity to short here.
As usual, no TA is final. If resistance for B ends up much higher, there is a potential for 5th wave extension too. But overall, it looks likely we are at peak already. Either 17k or 20k then down for certain for a very healthy correction.
As usual, no TA is final. If resistance for B ends up much higher, there is a potential for 5th wave extension too. But overall, it looks likely we are at peak already. Either 17k or 20k then down for certain for a very healthy correction.
Note
Actually disregard this. I miscount the main wave 3. We should be on wave 4 correction, so there is 1 more wave 5 to go. ABC correction is already done, we should be consolidating now towards wave 5.Note
Actually this idea is panning out right now. and the wave count is roughly correct. What I missed was a higher degree Elliot wave, which puts us at the end of wave 3 and now performing wave 4 correction midway. Looking like an expanded correction, so C might end at A or below A. We should be in correction phase for 1 -2 months, that includes the consolidation period before the higher degree wave 5 starts. This actually makes perfect sense, given that we are on wave 3 of a higher degree wave and this is sub wave 3 of it, explaining the super explosive run up. Believe it or not, humans might actually be programmed =o
Note
Its finally correcting. What do you know, i was right the whole time =)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.