A deeper than anticipated correction? Or....?
The market was more volatile than usual with the anticipation of CPI and other data release from the Fed. I anticipated some sort of a correction, but never entertained the possibility of going that deep.
The positive side: I closed all my previous trades with my last update to the previous idea AND I also loaded a number of positions near the bottom of the correction at 0.45.
Now, with the very promising V-shape recovery printed on the charts, I had to do some minor tweaking to the wave counts (and also the color theme of my chart xD).
My guess is that we are still aiming for higher levels (around 0.6-0.7) on higher timeframes to complete the primary wave (5). I previously counted the shorter timeframes as subdegrees of the primary count which turned out to be inaccurate.
The corrective ABC move down could indicate a sharp subdegree wave 2 that is now completed.
This means we could be looking forward to five waves to the upside to complete wave 3.
...
I cannot deny that I am biased towards the upside movement xD because there are also valid concerns that the count could indicate we are going to lower levels (0.35), but for the time being, I choose to stick to my bullish bias.
...
Let me know what you think of this.
The positive side: I closed all my previous trades with my last update to the previous idea AND I also loaded a number of positions near the bottom of the correction at 0.45.
Now, with the very promising V-shape recovery printed on the charts, I had to do some minor tweaking to the wave counts (and also the color theme of my chart xD).
My guess is that we are still aiming for higher levels (around 0.6-0.7) on higher timeframes to complete the primary wave (5). I previously counted the shorter timeframes as subdegrees of the primary count which turned out to be inaccurate.
The corrective ABC move down could indicate a sharp subdegree wave 2 that is now completed.
This means we could be looking forward to five waves to the upside to complete wave 3.
...
I cannot deny that I am biased towards the upside movement xD because there are also valid concerns that the count could indicate we are going to lower levels (0.35), but for the time being, I choose to stick to my bullish bias.
...
Let me know what you think of this.
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