I have been looking at 2 scenarios in this market.
1: The bullish count: As we saw the (a) wave did an ABC pattern, which a must for an A. Then the B proceeded to make 5 waves down and bounce of the 0.618 fib which does make it look like an ending to the correction. Then we had a wave 1 in play, proceeded by a wave 2 down. So our wave 2 has not yet gone below wave 1 territory. Which makes the bullish count very much valid.
2: Bearish count: We do seem to be developing a wedge. Which could lead us onto a retrace to about 8500-8700. Then followed by a wave 5 to 6300-6400.
I am i to take a side it would be the bullish one, as i see more signs to it. Also i do not typically like the wedge formations, as they are for the most part inconsistent. In any way we should be seeing a correction to 8600. So a 7400-7500 long would be ideal.
1: The bullish count: As we saw the (a) wave did an ABC pattern, which a must for an A. Then the B proceeded to make 5 waves down and bounce of the 0.618 fib which does make it look like an ending to the correction. Then we had a wave 1 in play, proceeded by a wave 2 down. So our wave 2 has not yet gone below wave 1 territory. Which makes the bullish count very much valid.
2: Bearish count: We do seem to be developing a wedge. Which could lead us onto a retrace to about 8500-8700. Then followed by a wave 5 to 6300-6400.
I am i to take a side it would be the bullish one, as i see more signs to it. Also i do not typically like the wedge formations, as they are for the most part inconsistent. In any way we should be seeing a correction to 8600. So a 7400-7500 long would be ideal.
Comment:
The (e) i mentioned previously on the bearish count is finalized. I do think that we will get a pump from here.
