Anticipating a Low in ZIM, Headed Higher Through 24
Anticipating the completion of wave {iv} of 3 before ZIM continues its journey higher through 23.78 and towards the 30-40 range in wave {v} of 3.
Current price levels make a good candidate for a bottom for wave {iv} of 3. Ideal Fibonacci proportion exists where wave {iv} of 3 equals 0.382 the distance of wave {iii} of 3 and wave (c) of {iv} equals wave (a) of {iv} around the bottom of the wave {iv} of 3 corrective channel at 16.80-17.00.
The guideline of alternation also comes into play between the corrective waves {ii} and {iv}. The guideline of alternation states that within an impulse wave, when wave two occurs as a sharp correction (zigzag, double/triple zigzag), expect wave four to develop as a sideways correction (flat, triangle, or combination). Here we can see that wave {ii} has developed as a zigzag and now wave {iv} appears to be developing as a flat, textbook wave behavior.
If price has any lower to go, it should be contained by the wave {i}-{ii} base channel around 14.50-15.00 and ultimately should not violate the wave {i} high of 11.50 as that would invalidate the pattern.
An impulsive reversal through 18.54 would be the first step to confirming that wave {iv} of 3 is complete and wave {v} of 3 is in progress towards and through 23.78.
Current price levels make a good candidate for a bottom for wave {iv} of 3. Ideal Fibonacci proportion exists where wave {iv} of 3 equals 0.382 the distance of wave {iii} of 3 and wave (c) of {iv} equals wave (a) of {iv} around the bottom of the wave {iv} of 3 corrective channel at 16.80-17.00.
The guideline of alternation also comes into play between the corrective waves {ii} and {iv}. The guideline of alternation states that within an impulse wave, when wave two occurs as a sharp correction (zigzag, double/triple zigzag), expect wave four to develop as a sideways correction (flat, triangle, or combination). Here we can see that wave {ii} has developed as a zigzag and now wave {iv} appears to be developing as a flat, textbook wave behavior.
If price has any lower to go, it should be contained by the wave {i}-{ii} base channel around 14.50-15.00 and ultimately should not violate the wave {i} high of 11.50 as that would invalidate the pattern.
An impulsive reversal through 18.54 would be the first step to confirming that wave {iv} of 3 is complete and wave {v} of 3 is in progress towards and through 23.78.
Note
ZIM managed to reach the minimum target of 23.78. Wave {v} of 3 should continue to develop higher. A target for wave 3 exist around 39-40, towards the upper line of the impulse channel and where wave 3=(1.618)1.
Downside should remain corrective against 19.57. Failure to remain above 19.57 will result in the invalidation of the count and would signal wave {iv} of 3 is likely incomplete.
Note
The break of 19.57 signaled that the fourth wave correction was incomplete. The original forecast stated that, "If price has any lower to go, it should be contained by the wave {i}-{ii} base channel around 14.50-15.00 and ultimately should not violate the wave {i} high of 11.50 as that would invalidate the pattern.". Here we can see that wave {iv} did indeed respect the {i}-{ii} base channel around 16.00 and has since had a very sharp and impulsive reversal, likely signaling wave {iv} is now finally complete.
It looks like wave {iv} still developed as a flat correction, except the pattern identified in the July 21 forecast was only wave (a) of {iv} (which itself also developed as a flat). If price downside remains corrective against the 15.90 low, we can be confident price will be headed towards new highs through 23.76.
Jayce, CEWA
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