Lower trend line is adhered to almost perfectly, providing confidence in the idea that wave 4 may be over. However this doesn't conform to the ideal look since wave 4 usually takes time to develop and is not sharp. But given that the recent low at the tl ended at a typical fib level, I will make the exception that wave 4 at minor degree blue has already terminated. I will recalculate its structural formation if price indicates otherwise (i.e. when ranging).
Comment
⋅
*COUNT INVALIDATED*
Minor wave 5 failed to subdivide into an impulse structure; only 2 actionary waves were formed. Truncated impulse waves (waves that fail to establish new price territory), are no exception to the tenets of subdivision. Failure to observe a truncated 5th in this count calls for a recalculation of minor degree blue motive structure formation.
Comments
PaQu
⋅
Hi thanks for update. Is this move down still wave 4 in your opinion or the ( A ) wave has completed at 0,783 ?
WaveAlchemy
⋅
Hi PaQu, I am working this out at the moment. I should have a solution v soon and will update this analysis to reflect most recent price action. I am inclined to believe that wave (A) black is done now.. but I will need evidnce for this
PaQu
⋅
Thanks. It also looks to me as wave (A) is done already. Will wait for you update. Have a nice weekend