4277 support broke this morning with impulsive price action. I think the impulse (pun intended) is to consider the price action down from 4371 as the wave 5 of the C of the zigzag down from 4683.50 (zigzag count in red). This may very well end up being correct.
I struggle with the price action in the green ellipse. I do not see how can be impulsive; it looks corrective. If it is corrective, followed by an impulsive, then I take the price action in the blue ellipse to be an expanded flat, itself being a corrective structure.
Therefore, I have 4566 as the end of the corrective price action (WXY, white EW count), followed by a very clear impulsive wave down to 4277. 4277 needed to hold as support; it did not.
So, instead of thinking this is wave 5 of C, I think this is the beginning of wave 3 of 3 of the final leg of this bear correction from January 2022 high.
I have a leading diagonal wave (red ellipse) followed by an impulse wave (yellow ellipse) for price action after 4371.
Bulls want to see price action above 4335.75 and then 4371, which would support the red EW count. Bears need 4335.75 and 4371 to hold as resistance.
Ideal target completion of bear market is 2865-3350.
I struggle with the price action in the green ellipse. I do not see how can be impulsive; it looks corrective. If it is corrective, followed by an impulsive, then I take the price action in the blue ellipse to be an expanded flat, itself being a corrective structure.
Therefore, I have 4566 as the end of the corrective price action (WXY, white EW count), followed by a very clear impulsive wave down to 4277. 4277 needed to hold as support; it did not.
So, instead of thinking this is wave 5 of C, I think this is the beginning of wave 3 of 3 of the final leg of this bear correction from January 2022 high.
I have a leading diagonal wave (red ellipse) followed by an impulse wave (yellow ellipse) for price action after 4371.
Bulls want to see price action above 4335.75 and then 4371, which would support the red EW count. Bears need 4335.75 and 4371 to hold as resistance.
Ideal target completion of bear market is 2865-3350.
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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.