Overview: Finally, after a few days of vague price action, the structure is clear to me. Since September 19th, I had the idea that we have bottomed for wave (I) of c of Z and need a pullback as wave (II). The structure of wave (II) developed yesterday and the fact that it was very shallow made me to think that we are developing a flat as wave (II) and was expecting a rally to the 3960-3986.25 zone today before wave (III), which did not happen. Yesterday I warned about this possibility: "Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II)."
Update: I think we started wave (III) of c of Z today. This is going to be the start of a massive bearish leg, which I expect to move fast. Let's look at the hourly chart: I think we are completing wave (A) of 3 of a of (III).
Update: I think we started wave (III) of c of Z today. This is going to be the start of a massive bearish leg, which I expect to move fast. Let's look at the hourly chart: I think we are completing wave (A) of 3 of a of (III).
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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.