Hi all,
Wave b black has completed as a complex running flat, as opposed to on-going triangle construction (alternate 1 - refer to linked idea).
Wave 2 pink is equal to 0.618 the length of wave 1 pink, suggesting the possibility that minor wave 1 blue could be in its early stages of development.
Immediate price action may find resistance at ex-support trend line OR at the 61.8 retracement where there also lies a potential structural resistance.
________
Invalidation = 1.14255
Confirmation = 1.09156
Wave b black has completed as a complex running flat, as opposed to on-going triangle construction (alternate 1 - refer to linked idea).
Wave 2 pink is equal to 0.618 the length of wave 1 pink, suggesting the possibility that minor wave 1 blue could be in its early stages of development.
Immediate price action may find resistance at ex-support trend line OR at the 61.8 retracement where there also lies a potential structural resistance.
________
Invalidation = 1.14255
Confirmation = 1.09156
Note
Price has found good resistance at the specified price and may now be in early stages of development of minuette wave 3 green.________________________
Assimilation - "Micro flat 3-3-5"
Note
So it appears that we have a triple bottom, signifying that price is hovering a very critical price level. Ignoring the spikes that the NFP report motivated, the wave structure for an expanding diagonal is valid here.
After We may now await for the termination of wave 2 of 3 in order to anticipating the beginning of wave 3 of 3.
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gyazo.com/9289a64678c56c74ce1c96fc8441f975
Note
Ex-support (provided by wave A of wave 5 of expanding diagonal) is respected several times. I'll be waiting for trend line to break, to add short.
_________________________________
Assimilation - "Minuscule inverted flat 3-3-5"
Note
Ex-support has been breached, before a 5 motive structure. Previous assimilation count failed to respect the basic structure count of a flat correction of a 3-3-5. It was not surprising for the resistance level to be violated.
Most recent orthodox high terminates at a price where wave Y equals the length of wave W. However the wave Y of a double three corrective structure must always unfold as either a zig zag, flat or triangle. A simple motive structure does not fall into any of these unless it is labelled the end of wave A of an on-going zig zag construction, which is to be expected in the following count.
_____________________________
Assimilation - "minuscule double three"
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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.