In my last update, I talked about getting a bounce in a wave 4 then one more drop for a wave 5 according to my EW count.
It looks like this could be what is unfolding right now, we pushed up to the daily at 22.5k before rejecting it (potential high for wave 4) and we are now moving down in a wave 5.
We are at our last zone of support right now :
- Daily at 19.2k
- Fib golden pocket
Which is holding for the moment
If we reclaim 20.5k, I would expect a pump (break of the high at 22.5k)
If we lose this level of support, the area that I'm looking at for a potential bottom is 14.5k-16k
Any questions?
Good luck traders
Remember not to break your rules
Habib
It looks like this could be what is unfolding right now, we pushed up to the daily at 22.5k before rejecting it (potential high for wave 4) and we are now moving down in a wave 5.
We are at our last zone of support right now :
- Daily at 19.2k
- Fib golden pocket
Which is holding for the moment
If we reclaim 20.5k, I would expect a pump (break of the high at 22.5k)
If we lose this level of support, the area that I'm looking at for a potential bottom is 14.5k-16k
Any questions?
Good luck traders
Remember not to break your rules
Habib
