After completed 5 waves up, we are looking lower against 6.507, to complete an ABC correction, wave (2), with possible targets 0.5-0.618 fib retracement.
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Good luck!
Hit the like button if you like my analysis and follow me for future updates!
Future updates will be posted as updates to this count.
Daily intraday updates on 1H and 4H time frame, don`t miss them!!
Good luck!
Note
Above 6.77 we are looking higher for a 12 12 structure of the 3rd wave.
Watching for evidence the 2nd wave of the 2nd 12 structure ended at 7.28.
Zigzag correction into 0.618 fib retracement also 1:1 ratio a vs c into wave (2) of the second 12 structure. A clear break of the 7.64 pivot of the wave (4) of (c) may turn the price to the upside.
Note
Further, impulsive-looking price action, will add credence to a bullish scenario, and suggest wave 3 upper is underway building now wave (1) of it.
Updated the count on Link and above 7.051 we are looking to the upside to build wave (3) of wave (1) of (3).
Potential target for wave (1) of (3) is 9.5-10 zone.
Below 8.264 we are looking for a pullback wave (4) red count.,
Note
Link failed to move higher. Below 17.327 and clearing 14.673 we are looking to the downside to complete wave ((4)) an extended flat correction.
Posted this update with some of the tools I use to understand better how I am looking to the charts before I am posting to you. We have bearish divergences RSI and EW oscillator. Also used volume profile to see how deep may retrace this wave (((4)) and we see a confluence at the 0.5 fib retracement level of the wave ((3)). I don`t want to complicate things but hope I was clear. If you have any questions feel free to ask me and good luck!
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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.