*for the chart above, please ignore the price scale. That is just a text book example.
At Daily time frame, if price can break below the blue box area (refer to the chart below), then I'm thinking it's going to be an impulsive wave (5 legs) which means more downside to go and it will not be a zigzag pattern at smaller time frame.
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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.