Seems like A-B-C correction is still not over.
Day traders can still bet on the upside.
Day traders can still bet on the upside.
Note
Note
When I looked at my analysis again, I thought I was missing something, so I analysed again.And my re-evaluation is that it "may not be a Bull Trap" - contradicting myself or you may say correcting myself. But it's a game of possibilities isn't it?
So here it goes, after further analysis, I realized that the corrective wave A-B-C had already retraced to about 50%. And so, one leg of A-B-C is already over.
So this could be " a beginning of another impulse and not necessarily in to another leg of correction. "
Conclusion: If it subdivides in to only 3 wave sequence then the first possibility would be correct.
If it subdivides in to 5 wave sequence, i.e., impulse , then it is not a bull trap but continuation of an uptrend.
Note
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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.