Hi traders,
Overview: As described in my last analysis, this pullback initiated from June 17th lows took so long and travelled beyond the targets I could consider for subwaves of c of Y. My past two analysis has been both invalidated. I believe what matters in trading is not about being always accurate, but its about not remaining in a wrong direction for long.
Today's Update: Lets get back to the chart: with the reasoning provided, I now favor bottom being in for wave Y as shown on the daily chart. Remember, the next wave to develop is wave X, which is a correction inside a correction, so it should be really tricky to count. We can consider several different targets for this wave X such as 4170 range or 4300 range. For now, I am considering it as a zigzag development, but it can be developed in any kind of corrective structures.
Lower Timeframe Count:
Important Note: if this count is actually playing out, following a retest for wave II, we should see a strong bull rally as III of (III) breaking up through the red channel. Otherwise, we have to consider a different scenario.
Trading Tip of the Day: wait for the pullback for wave II (low volume, low range candles) to complete (retesting high of yesterday) and looking for reversal patterns for a bullish daytrade.
Overview: As described in my last analysis, this pullback initiated from June 17th lows took so long and travelled beyond the targets I could consider for subwaves of c of Y. My past two analysis has been both invalidated. I believe what matters in trading is not about being always accurate, but its about not remaining in a wrong direction for long.
Today's Update: Lets get back to the chart: with the reasoning provided, I now favor bottom being in for wave Y as shown on the daily chart. Remember, the next wave to develop is wave X, which is a correction inside a correction, so it should be really tricky to count. We can consider several different targets for this wave X such as 4170 range or 4300 range. For now, I am considering it as a zigzag development, but it can be developed in any kind of corrective structures.
Lower Timeframe Count:
Important Note: if this count is actually playing out, following a retest for wave II, we should see a strong bull rally as III of (III) breaking up through the red channel. Otherwise, we have to consider a different scenario.
Trading Tip of the Day: wait for the pullback for wave II (low volume, low range candles) to complete (retesting high of yesterday) and looking for reversal patterns for a bullish daytrade.
