Overview: in the update of yesterday, the expectation was that we have completed wave 1 of c of (III) and need a pullback as wave 2.
Update: the pullback in the so-called wave 2 continued for a short time and range afterwards and the price action made a lower low then. Now, based on the structure that I see, I think we are still in wave b of (III) developing as a triangle. As I mentioned before, this is a volatile market that we need to move day by day and adjust our expectations accordingly.
Note: what about the count of yesterday? is it still valid, that we are in the very early stages of wave 3 of c of (III) at the moment? yes, it is and it can actually play out, but I don't expect that much of huge bearishness yet! we may need some more time retesting the weekly 200sma.
Update: the pullback in the so-called wave 2 continued for a short time and range afterwards and the price action made a lower low then. Now, based on the structure that I see, I think we are still in wave b of (III) developing as a triangle. As I mentioned before, this is a volatile market that we need to move day by day and adjust our expectations accordingly.
Note: what about the count of yesterday? is it still valid, that we are in the very early stages of wave 3 of c of (III) at the moment? yes, it is and it can actually play out, but I don't expect that much of huge bearishness yet! we may need some more time retesting the weekly 200sma.
Note
If we break the 3571 zone decisively, then the alternative count (published yesterday, we are in wave 3 of c of (III)) becomes the main count.
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Related publications
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.