The combination of waves (W), (X), and (Y) suggests a Double Zigzag pattern, a common type of complex correction.
Current Situation and Potential Outlook:
* Wave (C) of (Y): The chart labels the final wave down as (C), which is consistent with an impulsive wave.
* MACD and Williams %R: The MACD is below the zero line, indicating bearish momentum. The Williams %R is at the bottom (-100), suggesting the market is oversold.
* Potential Reversal: The oversold condition on Williams %R, combined with the completion of a potential five-wave impulsive move in (Y), suggests a potential reversal or at least a corrective bounce is likely.
* Confirmation Needed: To confirm a reversal, we need to see a break above the corrective channel (if one exists) and a sustained move above the recent swing highs.
Important Considerations:
* Alternative Counts: Elliott Wave analysis is subjective, and there could be alternative valid interpretations.
* Timeframe: This analysis is based on a 1-hour chart. Longer timeframes might provide a broader perspective.
* Fundamental Analysis: Elliott Wave analysis should be used in conjunction with fundamental analysis for a more comprehensive view.
In summary, the chart suggests a completed complex correction (Double Zigzag) with a potential for a reversal or bounce.
Current Situation and Potential Outlook:
* Wave (C) of (Y): The chart labels the final wave down as (C), which is consistent with an impulsive wave.
* MACD and Williams %R: The MACD is below the zero line, indicating bearish momentum. The Williams %R is at the bottom (-100), suggesting the market is oversold.
* Potential Reversal: The oversold condition on Williams %R, combined with the completion of a potential five-wave impulsive move in (Y), suggests a potential reversal or at least a corrective bounce is likely.
* Confirmation Needed: To confirm a reversal, we need to see a break above the corrective channel (if one exists) and a sustained move above the recent swing highs.
Important Considerations:
* Alternative Counts: Elliott Wave analysis is subjective, and there could be alternative valid interpretations.
* Timeframe: This analysis is based on a 1-hour chart. Longer timeframes might provide a broader perspective.
* Fundamental Analysis: Elliott Wave analysis should be used in conjunction with fundamental analysis for a more comprehensive view.
In summary, the chart suggests a completed complex correction (Double Zigzag) with a potential for a reversal or bounce.
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.
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.