From the last low @ .00001700, waves 1 & 2 may be over, and price may be in wave 3 Up, that is happening in 5 waves.
It is possible that wave 3 of 3 of 5 may be complete and that wave 4 down may be complete.
I've drawn in a 5-wave impulsive wave count just for wave 3 Up.
It is possible that wave 5 Up will sub-divide into a 5-wave impulsive wave and that we are just started wave 1 Up of 5 Up of 3 Up.
(If anyone can tell me how to add sub waves to existing waves on these charts, I would appreciate it).
I've placed two directional arrows, the first at the green resistance line where price currently is.
It's hard to know whether price is in an ABC corrective wave or a 1-5 impulsive wave until action after the 3rd wave, either 3 or C is finished.
The length and strength of what I am calling wave 3 Up of 3 Up was quick and long... suggesting a wave 5 Up will come after wave 4 down is done.
I've put in another possibility that this current wave up is only the B Up of an ABC corrective pattern for wave 4 down.
Price has retraced right to the 38.6% Retracement Line, which can be an ideal launching point for the next up wave to exceed the preceding high.
The 2nd set of directional areas is going to either be resistance or the level price needs to exceed to really put the wave 5 question to rest.
Thanks for all the LIKES, FOLLOWS and COMMENTS!
It is possible that wave 3 of 3 of 5 may be complete and that wave 4 down may be complete.
I've drawn in a 5-wave impulsive wave count just for wave 3 Up.
It is possible that wave 5 Up will sub-divide into a 5-wave impulsive wave and that we are just started wave 1 Up of 5 Up of 3 Up.
(If anyone can tell me how to add sub waves to existing waves on these charts, I would appreciate it).
I've placed two directional arrows, the first at the green resistance line where price currently is.
It's hard to know whether price is in an ABC corrective wave or a 1-5 impulsive wave until action after the 3rd wave, either 3 or C is finished.
The length and strength of what I am calling wave 3 Up of 3 Up was quick and long... suggesting a wave 5 Up will come after wave 4 down is done.
I've put in another possibility that this current wave up is only the B Up of an ABC corrective pattern for wave 4 down.
Price has retraced right to the 38.6% Retracement Line, which can be an ideal launching point for the next up wave to exceed the preceding high.
The 2nd set of directional areas is going to either be resistance or the level price needs to exceed to really put the wave 5 question to rest.
Thanks for all the LIKES, FOLLOWS and COMMENTS!