agree that we're likely in the fourth wave here, on the short term I'd be happy enough to see a shot of 73.20-72.90 area to complete the c of b of iv, before up in C of iv ((4) on your chart) into 75-76. My question; why do you have such an extended 5th of 5 other than the confluence you are suggesting?
Hi steve, it is the confluence indeed which yields the extended 5th of 5. Notice how the previous confluence price resulted in the ongoing correction. These points have proven to be quite accurate reversal points in many of my analyses over and over. Cheers Hamza
? With regards to whether wave 4 is a flat or a triangle, I haven't tried to break it down on a smaller time frame to be honest, may even be too early to tell?. So I won't be able give you a good answer on that one, Cheers