i went back in time to january to confirm if wave 1 and 2 on the long term chart actually do make sense and not just hoping the labels are correct without looking closely at the wave structure. i was able to get 2hr tf max, but it was enough to see the wave structure
as you can see, it is a leading diagonal. the market is telling us it is wave 1 of C. wave 2 corrects back to 61.8% of wave 1 which is typical of wave 2s. what comes after is wave 3 of course. i already counted this wave in detail. some say it is impossible for wave 3 to be an impulse wave, but that is not the case, atleast when i tried to label it. one can clearly see all 5 labels (1,2,3,4,5) marked in a logical way following all ew rules and guidelines down to wave 4 being a typical triangle and ending with an ending diagonal for the 5th wave
wave 4 of C makes sense that it has a sideways price action appearance and is marking time basing until the market is ready for the final move down (wave 5 of C). labeling it as a "wxy" makes the most sense. you can't be "creative" once wave C start. you have to label it as the waves arrive one by one in "real time" as the chart. you can be more flexible during wave 4 and wave 2 but wave 1,3,5 are obvious. what im saying is you have to start labeling as soon as wave B is done
as you can see, it is a leading diagonal. the market is telling us it is wave 1 of C. wave 2 corrects back to 61.8% of wave 1 which is typical of wave 2s. what comes after is wave 3 of course. i already counted this wave in detail. some say it is impossible for wave 3 to be an impulse wave, but that is not the case, atleast when i tried to label it. one can clearly see all 5 labels (1,2,3,4,5) marked in a logical way following all ew rules and guidelines down to wave 4 being a typical triangle and ending with an ending diagonal for the 5th wave
wave 4 of C makes sense that it has a sideways price action appearance and is marking time basing until the market is ready for the final move down (wave 5 of C). labeling it as a "wxy" makes the most sense. you can't be "creative" once wave C start. you have to label it as the waves arrive one by one in "real time" as the chart. you can be more flexible during wave 4 and wave 2 but wave 1,3,5 are obvious. what im saying is you have to start labeling as soon as wave B is done