Hence, in making the adjustment to the counts I concluded that the wave 3 has extended as is often the case with wave 3 and in the process forming the low at 151. Resulting price action since then was part of wave 4 retracement, which appears to have formed a with the second leg stopping short of the previous one giving as a (slightly lower than first).
The decline since could be part of the final (wave 5) to the downside as part of a larger wave C of ( ) of 3-3-3-3-3 construction which commenced in Jan 2014 high.
If correct then the wave 5 of the could reach 120 - 90 zone. We will have better idea of its final target zone as we see it develop.
The wave C as shown in the Log scale on this main chart is less clear compared with the arithmetic scale. Therefore as comparison and enhancing the understanding to this bear cycle I am posting additional charts as follows:
1. Arithmetic chart with wave C clearly visible as referred to above.
2. A point & figure chart which gives different perspective but similar conclusion. Namely, that we are still potentially in cycle though the actual counts are little different.
3. A short term 4 hour chart with , showing clearly that we could be in next leg down supported by OBV weakening and diverging with price
Other notes are shown on each of the charts for ease of reference.
Also note that In my last short term published chart based on H4 where I suggested that wave 4 could go to higher level is now less likely as I think the wave 4 top is in place and wave 5 is now in process.
I could host a live session next week to explain all this. If you are interested in this please indicate it by your comments and ensure you have tagged this chart for announcement of the scheduled, follow me on my Youtube channel and register at danv-charting.dom and to obtain a link to join me and be notified.
Warning: This is my interpretation of price action using TA approach that I consider helps me most5 but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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