Hi all,
The continuation of the 4 and 5 wave structure is now highly unlikely it hit the invalidation level (where wave 1 overlaps with wave 4)
Based on the rules of equality where A = C the purple line at 17.155 is where C is likely end if this is and ABC wave where the Blue 1 and Blue 2 is still possible (most bullish count)
Additionally we can still include the bearish 1 and 2 from the last impulsive drop as a possible count though we have to make sure that 3 is not the shortest wave and there should be 5 waves down and this will have a much lower target.
The possibility that this is a Large B is still in the cards because on the bigger scale the last rally counted in 3 waves... if this is the scenario then the current B wave will end at 17.155 or there abouts and the next C wave is going to be equal to wave gold A. Eventually this will also have a much lower target.
Best to stay out currently to wait for the current wave to complete and wait for the next wave before you start your trades either long or short.
The continuation of the 4 and 5 wave structure is now highly unlikely it hit the invalidation level (where wave 1 overlaps with wave 4)
Based on the rules of equality where A = C the purple line at 17.155 is where C is likely end if this is and ABC wave where the Blue 1 and Blue 2 is still possible (most bullish count)
Additionally we can still include the bearish 1 and 2 from the last impulsive drop as a possible count though we have to make sure that 3 is not the shortest wave and there should be 5 waves down and this will have a much lower target.
The possibility that this is a Large B is still in the cards because on the bigger scale the last rally counted in 3 waves... if this is the scenario then the current B wave will end at 17.155 or there abouts and the next C wave is going to be equal to wave gold A. Eventually this will also have a much lower target.
Best to stay out currently to wait for the current wave to complete and wait for the next wave before you start your trades either long or short.
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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.
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.