Price action falling out of the pitchfork without tagging the median line is certainly not bullish...
From 5 August low, I can see a contracting diagonal forming, with waves (1), (2), and (3) having fairly clear three-wave corrective structures/patterns.
Wave (4) in this interpretation would be an expanded flat, with wave c to go below 19614.1 and having Fibonacci and trend-line support to stay above 18676.2.
Wave (5) would then likely finish above 20758.4 to complete the pattern.
From 5 August low, I can see a contracting diagonal forming, with waves (1), (2), and (3) having fairly clear three-wave corrective structures/patterns.
Wave (4) in this interpretation would be an expanded flat, with wave c to go below 19614.1 and having Fibonacci and trend-line support to stay above 18676.2.
Wave (5) would then likely finish above 20758.4 to complete the pattern.
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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.