Primarily I thought this wedge could be a 'C' wave, which means that I was expecting a long term bullish movement . But analysing the wedge itself I can count 5-3-5-3-5. By that, this could be a leading diagonal, which means that it is a 'A' wave or first wave for a bearish movement. (3 waves or five waves downhill). This pair is tricky. Too much manipulation...
Follow the price!
Assuming this bear impulse is the first wave of a 5-waves structure on daily/weekly. It could be at least an ABC if price does not hit the 23.6% retracement (see CHART). Trade with care!
Happy trading!
Could the demand overwhelm the supply? Let me know what you are thinking!
Happy trading!
The last fifth wave of daily/weekly zigzag correction (reactionary upmove) can get complex, which is fair enough based on exhaustion of the daily uptrend and the expectation of a great bearish movement on weekly basis. Happy trading!
Cheers to Trading View for the awesome Regression Trend tool!
Alternative wave count for the current weekly C-wave shows a potential ending diagonal as fifth wave. Zig Zag on weekly basis Good luck!
Much clearer now. Enjoy!
No-brainer analysis. Happy trading!