At the moment, the fourth wave correction (4) can develop in two ways. The first one, marked in green, is a correction scheme in the form of the fourth wave triangle, in which C, D and E are still to be found. All these subwaves should end within the area of $ 16,500 - $ 12,750. Breaking any of these levels will invalidate this scenario for a correction. The second scenario, marked in red, is an irregular correction ABC
, in which waves A and B seem to be finished, so only the C wave remains to be realized. In this scenario, I assume the level of $ 12,750 is broken, then breaking the level of subwave B to $ 12,000 and level test of $ 11.159 (wave A bottom). This level should not stop bears in this scenario and this level should also be impulsively broken through. In this case, the first target level for the C wave will be the level of $ 9,021.
Main trend: UP
Intermediate trend: UP
Daily trend: UP/ NEUTRAL (continuation of the correction)
- for further increases - the level of $ 16,500 and later $ 17,500
- for continuing correction - the level of $ 12,750 and later $ 14,400
- for the continuation of declines - the level of $ 12,500 and later $ 12,000 and $ 11,159
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