bullish scenario elliot waves daily
tracking our bullish scenario since November 2021 we reach for wave 4 and trying to confirm that we after we bottomed on the 5 of august we are trying to track the short term bullish rally we are having from the areas of 48,888k.
we need our 5 wave us and 3 waves pullback to confirm that we have bottomed, for now market has formed for us 3 waves bulls need to step up more and form for us the 5 waves pattern to the areas btw 69k and 71k.
after the 5 waves we will be need to hold the support of the pullback to confirm that a bottomed has formed in the 5 of august for our wave 4 and we are heading to the areas btw 81k and 124k in our bullish cycle.
if market fails to give us this 5 up 3 down and hold support we will be expecting continuation for the downside to the areas btw 46k and 43k.
for now market only formed 3 wave to the upside and it could be the wave B and we will be heading for the wave C to the downside. so the short term bearish is still on the charts. bulls need to step up and form this 5 waves and hold support to confirm the run otherwise we will be expecting a downtrend.
regards
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