While comparing EW counts from a lot of people it seems that no one is on the same page.
Regardless of the structure, I am confident that the first wave finished at 9185.
Arguably, you can trace an ABC correction in the current structure of wave 2. We saw a good reaction on the .382 which seems to be fading out, or at least having trouble to break 8.6k.
These are the two potential scenarios that i see as for now.
1. Impulse wave attempt succeeds.
As I am writting these lines we are in a double resistance confluence zone which we are already having trouble to pass. If we eventually go through this cluster, there will be a triple confluence zone at 8730, which was also a heavy resistance and support in the past. I believe a major play will happen here (if we even reach it). If we go through this critical zone, I will consider it as the start of the wave 3.
2. Impulse wave attempt fails.
If we fail to go through this triple confluence zone, we would go for an WXY correction pattern where we have a good probability of going back to 8k for a 0.618 retracement and a 1:1 extension from 9.2k to 8.46k
Regardless of the structure, I am confident that the first wave finished at 9185.
Arguably, you can trace an ABC correction in the current structure of wave 2. We saw a good reaction on the .382 which seems to be fading out, or at least having trouble to break 8.6k.
These are the two potential scenarios that i see as for now.
1. Impulse wave attempt succeeds.
As I am writting these lines we are in a double resistance confluence zone which we are already having trouble to pass. If we eventually go through this cluster, there will be a triple confluence zone at 8730, which was also a heavy resistance and support in the past. I believe a major play will happen here (if we even reach it). If we go through this critical zone, I will consider it as the start of the wave 3.
2. Impulse wave attempt fails.
If we fail to go through this triple confluence zone, we would go for an WXY correction pattern where we have a good probability of going back to 8k for a 0.618 retracement and a 1:1 extension from 9.2k to 8.46k