I expect wave III to complete at around 11-11.5.
Waves count started as rising impulsive waves started to shape off the long all-time channel bottom edge.
Waves count started as rising impulsive waves started to shape off the long all-time channel bottom edge.
Trade active
I like the last sell-off despite solid earnings release. We've got a nice hammer candle on Friday, May 16th. I added 15% more to my position.Although I don't really like such a long Wave 4 to erase all Wave 3, I stick to the count now.
Trade closed: stop reached
Hey guys, I must admit that I was wrong with this waves count. Now the formation which I used to count as wave III, has no real 5 sub-waves impulsive structure. I discovered one thing that changed everything here. As one guys said, "when in doubt, zoom out".We are in the wave 5 of an ending diagonal and the choppy price action which I was struggling to count, was actual 4 I believe.
So if the new count is correct, we shall see new lows at around at least $6.
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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.