MGC1! And if you are keeping scores: Market Makers 3 x 0 CarameloOur glorious 3289.6 level held strong this week and we pumped all the way towards that 3347.7.
However, because we did not have a continuation, I did a recount of the waves to try to understand what is going on, and this is what I got:
Im looking at the possibility of the 5 Wave impulse being already completed and we are now either in an ABC correction or the beginning of a new 5 Wave impulse.
With that being said, I have 2 scenarios:
Blue Scenario - Price will finally break below 3289.6 and take us all the way back to that 3253 - 3205 Range and possibly retesting that gap range.
Red Scenario - Price might retest 3289.6 and hold, possibly doing some sideways accumulation before blasting off towards that 3430-3475 range.
We have strong buying happening at 3300.9 which could be where we find support for the next leg up, but we did have 2 rejections of that descending trendline and 3 of that 3347.7 level.
If you've been trading this range for this week, you banked. But hopefully by next week we will be out of it and price will finally choose its direction.
I hope yall have a great weekend!
