Most likely bear but bull relief target added just in case.
If its a flag, capitulation in next months
I made some mess above with my EW count (anyway general idea is the same)
the count of the big waves as I see it is more like this
If its a flag, capitulation in next months
I made some mess above with my EW count (anyway general idea is the same)
the count of the big waves as I see it is more like this
Comment:
Inverted daily view for perspective. We're consolidating above breakout level
Comment:
I still see it as a downtrend continuation formation. As long as it remains in this range (purple horizontal lines)
so
On inverted chart above:
break of the green dotted resistance line = long
Break bottom support channel line = short
so
On inverted chart above:
break of the green dotted resistance line = long
Break bottom support channel line = short
Comment:
Sry inverted is the first one of course. Long/short positions pointed on normal one
Comment:
here we go
nice retest
nice retest
Comment:
Updated chart
Retest of the support on this sideways downtrend consolidation triangle took longer than expected, so the down wave I was expecting on 5th fibonnaci time zone (vertical lines) probably won't happen. We still need to make yet another resistance retest. The drop could start after one more up wave and drop into 6 fib time zone right into capitulation phase. Thats the most possible outcome I can see right now
Retest of the support on this sideways downtrend consolidation triangle took longer than expected, so the down wave I was expecting on 5th fibonnaci time zone (vertical lines) probably won't happen. We still need to make yet another resistance retest. The drop could start after one more up wave and drop into 6 fib time zone right into capitulation phase. Thats the most possible outcome I can see right now
Comment:
made little mistake above, I meant drop into 8th fib time zone*
There are 0 - 1- 2 - 3 - 5 - 8 - 13 zones
There are 0 - 1- 2 - 3 - 5 - 8 - 13 zones
Comment:
Trigger line for long position was taken. It's time for some bull waves in the upcoming days.
The downtrend and this idea is not compromised yet. Bull correction here is nothing unusual for the big drop we had, also a move we were considering to happen and put important zones to watch for in case it break which just happend. Although this might be still correction wave 4 on big downtrend
As for now it might be good opportunity to look for some short term long entry (on pullbacks)
More updates are on my newest chart.
The downtrend and this idea is not compromised yet. Bull correction here is nothing unusual for the big drop we had, also a move we were considering to happen and put important zones to watch for in case it break which just happend. Although this might be still correction wave 4 on big downtrend
As for now it might be good opportunity to look for some short term long entry (on pullbacks)
More updates are on my newest chart.
