If Dec 2021 had been the a Major (iii), then a complex corrective Wave 4 is possible which could span months or years. Taking one step at a time.
I believe we had hit a strong support and a completed Wave C. The current move off support zone had been rather steady.
Price is testing down trend line for the 3rd time.
With an impulsive Wave (3) heading into the trend line, higher chances it will break upwards.
Completion of minor Wave (5) at around 4150, with possible extension to 4300.
I seldom touch indices. Take this with a pinch of salt.
I believe we had hit a strong support and a completed Wave C. The current move off support zone had been rather steady.
Price is testing down trend line for the 3rd time.
With an impulsive Wave (3) heading into the trend line, higher chances it will break upwards.
Completion of minor Wave (5) at around 4150, with possible extension to 4300.
I seldom touch indices. Take this with a pinch of salt.
Note
Lower time frame wave count.Correction to support / minor 4 first before heading to Wave 5.
Good luck!
Note
Support reached, see if this area holds.Trade closed: target reached
Possible completion, or extend to 4300.
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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.