Potential Triangle on Monthly
Updated
E leg is acting as an impulsive leg (bait) but it's recommended to trade this after next weekly candle or monthly close to confirm the reversal.
Weekly view is showing a different count so if there's bullishness then a breakout will target 1420 or 1495 before the next downward trend resumes.
Weekly view is showing a different count so if there's bullishness then a breakout will target 1420 or 1495 before the next downward trend resumes.
Note
The Daily count shows ending diagonal for E leg and price have broken through the 4th wave - which is very bearish in my view. The estimated time for this first bear campaign to end is between 28th Mar to 10th Apr targeting 1215-1220 levels.
Whether it takes shape as an ABC, WXY or 12345 is anyone's guess and my estimation is shown on the chart. However I personally don't trade based on count forecasts. (I trade based on corrections and calculations). As a rough guideline I think anything near or above 1302 is an area to build short positions.
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