below weekly cloud rsi weakening stoc crossed down money flow going down cci and percent r going down china may be slowing
This is a follow up of the last elliott wave analysis published 8 months ago www.tradingview.com The basic change is in the extended 5th. The diagonal as we expected did not work due keep the original wave count as originally stated is impossible due now will see the 3rd wave as the shortest. This can't be even in diagonals. So the best way to update it is by...
False 1st bearish trap around 2.5320 was created.
Closing the gap (red circle) could potentially be a point of retracement. The GAP PRZ around 78.6 is marked with red rectangle. However harmonic bat for bullish move is lower @3.04 with nice structure support. Possible drop to 3.00 is not out of the question.
Since China disappointing service sector data, 9 year low, Cooper is declining.
Cooper failed to make new high. Pulled back on strong structure res. Ret. to 23.6, expected more, 38.2
Entry on double bottom H4, looking for bearish crab completion @ 3.373. Fib. cluster of ext. (113 127.2 161.8). Embedded ABCD.
Nice fib confluence on Cooper for short. The 78.6 from the impulse leg down almost overlaps with 113 fib ext. (chart) and comes right into the upper TL of this ascending channel. Another bearish setup just a bit higher @3.19 on bearish bat. Both setups for a nice CT move.