As current price action unfolds, a Wave 5 (gray) forming as an ending diagonal appears to be the most likely scenario. However, the micro count remains open to interpretation and may differ slightly. Continued observation should eventually provide clarity and confirmation at the lower degrees.This ending diagonal seems to be approaching completion. A sudden reversal could suggest that Wave 4 (pink) within the diagonal is not yet finished, as the recent downward move resembles a single impulse rather than a full ABC correction. That said, this alternative is less probable given that, by the rules of a contracting ending diagonal, Wave 4 (pink) should be shorter than Wave 2 (pink). Structurally, the current labeling still fits well with Wave 4 (pink) already being completed.For now, the focus should shift to the upside, watching for a developing ABC structure within Wave 5 (pink), which would complete both the ending diagonal and the larger-degree Wave 5 (gray). Upon completion, we should anticipate a significant correction. Based on current wave dynamics, this gray Wave 5 is likely to end in a truncation or produce only a marginal new all-time high.
Disclaimer: This analysis is for informational and educational purposes only and should not be considered financial or investment advice. All trading involves risk, and you should perform your own due diligence before making any trading decisions. The author is not responsible for any losses that may arise from reliance on this content. Always trade at your own risk.
Disclaimer: This analysis is for informational and educational purposes only and should not be considered financial or investment advice. All trading involves risk, and you should perform your own due diligence before making any trading decisions. The author is not responsible for any losses that may arise from reliance on this content. Always trade at your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.