Providing this count is correct we have had a major wave 1,2,3 and currently finishing the 4 before the final 5th up. Wave 1. An A, elongated B, C as a 3-3-3.(wave 4). Wave 3. A, elongated B, C
The count would be as follows:
Wave 1.
Corrective - A, elongated B, C. (3-3-3)
Wave 3.
Corrective - A, elongated B, *currently doing the C*. (3-3-5)
This count would be invalidated below around $48,200.
Further confluence to this count will be posted below.
TL;DR
Short term bearish. Medium term b000000lish.
The count would be as follows:
Wave 1.
Corrective - A, elongated B, C. (3-3-3)
Wave 3.
Corrective - A, elongated B, *currently doing the C*. (3-3-5)
This count would be invalidated below around $48,200.
Further confluence to this count will be posted below.
TL;DR
Short term bearish. Medium term b000000lish.
Note
A further drop to the levels outlined (to remain above the wave 1 and thus keep the count valid) could be around the .618 golden pocket.Note
Diving deeper in to the current (potential) wave 4 count. Note
A clean break above this area highlighted in green would invalidate my bearish count and have us going up.Note
Unless we get a bottom here on horizontal support (truncated corrective wave) the logical places of support should be around $51,500 and if that fails $48,400. A fall much below $48,400 would invalidate my count. Remember, a drop even as far as this would still be a 'bullish' wave count.
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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.