We saw a impulse followed by a sideways correction. I've counted this correction as a W-X-Y corrective combination with wave Y currently in progress. A wave Y cannot be an impulse and should therefore unfold in 3 waves.
There are many Fibonacci ratio's on the chart, hope it is still clear what I try to do. First of all we see 50% and 61.8% of the swing higher at 0.98265 and 0.97728 (green fib), second we have the inverse of wave W (blue fib), here I like to focus on 1, 1.272 and 1.382. Third we have wave relations within (length of wave W in blue and length of wave A in red. (red and purple fib) Here I also like to focus on 1 and 1.272.
This results in three confluence zones where the Blue and Green Fibs are leading since they are based on the main swings. (green boxes)
When it comes to trading this structure I'm not interested in catching a falling knife (although I might enter on a lower time frame for a better entry and higher risk/reward potential). However if we see a reversal out of a confluence zone followed by a break we have a high probability trade. So there are different way's to use , supply/demand, confluence zones or whatever you like to call them. It is a tool to help you determine high probability trade, however structure is the only leading indicator.
Updates will follow.
moved as expected from the lower support zone as shown in the original chart on top.
Let's see whether it breaks again for a bullish continuation.
i labeled this structure a abcde and now the wave e is overshooting but more likely your wave count is valid also because wave c also overshooted and thats not a valid abcde pattern right ?
Always a pleasure to see your charts helps me mastering elliot wave :)