Short GC scenarios - Early Days Using W5T Elliot Wave Analysis
GC has fallen out of the daily channel it has been following, while remaining in the upper half of a downward 240 min channel. On the hourly TF, it has just crossed over the center line of that channel on a 3rd wave. There is a lot that needs to happen for a valid 5th wave to occur, but two possible scenarios are portrayed here:
1: Price continues toward the bottom of the channel, completing the 3rd wave, then retraces towards the center line of the channel and returns to the lower limit of the channel again to complete the 5th wave.
2: Same scenario, only price continues higher to the decision zone created in the upper half of the channel, then returning to the bottom of the channel to complete the 5th wave.
In any case when price returns to around 1615 we'll have a better idea of what kind of move we're in.
1: Price continues toward the bottom of the channel, completing the 3rd wave, then retraces towards the center line of the channel and returns to the lower limit of the channel again to complete the 5th wave.
2: Same scenario, only price continues higher to the decision zone created in the upper half of the channel, then returning to the bottom of the channel to complete the 5th wave.
In any case when price returns to around 1615 we'll have a better idea of what kind of move we're in.