break down or rebound at support zone?Will this be a C wave going down and make 1:1 with the A. or we are done correcting and going to start the next impulse?
We are about to enter support zone, if we break it, I think we will head to 0.9 fib to 1.0fib
(2460.19 - 2434.15)
Since this is possibly the last corrective wave down, I am thinking, this can be either a
Wave C within the ABC of Wave 2
Or we are in sub wave 5th within Wave C, if we zoom out to let say 12hr chart.
Conclusion:
breaking below 2513 is my bear case (4 HR chart)
1st Bull case would be break 2698 and 100 SMA
2nd Bull case for a decent bull run would be break 2786 with potential rejection at 200 SMA (4HR Chart).
What do you guys think? Please share your thoughts.
