I can draw this out differently. I can move the 5 wave to be a larger leading diagonal pattern to end at "B" considering it broke the high in an impulse, which may be more accurate, but that still gives us a 1-2-3 correction. I can W-X-Y it also. The reason I drew it like this is because I wanted to point out that there are overlapping diagonal patterns ending at the .618 retrace. It has been going down and down, looking like instead of further correction, it made a running flat to go down, but then it did another one, just basically creating an ending pattern. The swing pattern says a lot of potential upside. We can even get one more up and down, but the way it looks I am on the buy. Mine is stop in profit lower though. If it were to break to downside, I still consider the swing pattern unchanged and will be looking to buy again. Like I said, it came off the 800 on the weekly and this is a crucial level and spot in pattern for reversal....
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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.