We should be making wave C higher now, which is composed by an impulsive wave.
But, where did wave 1 end ?
If blue count is right, then we might be in an extended wave 3.
Else, the red count is probable. In that case, wave 2 might not have retraced enough, therefore we might still be in a correction, price now making wave B of a zigzag.
But it has to turn soon for that, as we are reaching the 0.786 retracement level (= last line of defense).
** If it holds, you can short down to the end of wave A at first then lower.
Stop loss : wave 1 high.
But, where did wave 1 end ?
If blue count is right, then we might be in an extended wave 3.
Else, the red count is probable. In that case, wave 2 might not have retraced enough, therefore we might still be in a correction, price now making wave B of a zigzag.
But it has to turn soon for that, as we are reaching the 0.786 retracement level (= last line of defense).
** If it holds, you can short down to the end of wave A at first then lower.
Stop loss : wave 1 high.
Note
Update
Note
Wave 1 is longer than wave 3, therefore wave 5 can not be longer than wave 3,giving a clear stop @ 112.72
Note
The alternative ABCDE count seems plausible, this means price might come one more time lower to 110 before starting to rally from thereNote
Will be making a new post with this alternative count.
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.