"When you have eliminated the impossible, whatever remains, however improbable, must be the truth." quote by Arthur Conan Doyle from the Sherlock series.
Let me start by discussing the boxed pattern. Believe you me, I dug into all timeframes trying to find the slightest reason to allow me to draw it as a 5 wave structure. But I can't; there is just now way to draw it other than a 3 wave structure.
Now -
We only have two possibilities to start:
a) 3-3-3-3-3 leading diagonal giving a bullish count
b) 3-3-5 flat corrective pattern
*obviously, a corrective pattern may unfold into combo waves, but there are only these two possibilities for the short term.
Because of the daily dogi and the price action, along with major alts approaching critical levels and RSI breaching 65 (bearish reversal zone) on higher TFs, I am bullish biased.
Unfortunately, my count of leading diagonal has been invalidated (more in update later).
This leads me to believe we are in a 3-3-5 pattern whilst acknowledging all the bullish signals.
A 3-3-5 ABC count will give wave C an ending diagonal pattern. The diagonal's wave 3 will have volume bar confirmation as labelled.
More updates later.
Let me start by discussing the boxed pattern. Believe you me, I dug into all timeframes trying to find the slightest reason to allow me to draw it as a 5 wave structure. But I can't; there is just now way to draw it other than a 3 wave structure.
Now -
We only have two possibilities to start:
a) 3-3-3-3-3 leading diagonal giving a bullish count
b) 3-3-5 flat corrective pattern
*obviously, a corrective pattern may unfold into combo waves, but there are only these two possibilities for the short term.
Because of the daily dogi and the price action, along with major alts approaching critical levels and RSI breaching 65 (bearish reversal zone) on higher TFs, I am bullish biased.
Unfortunately, my count of leading diagonal has been invalidated (more in update later).
This leads me to believe we are in a 3-3-5 pattern whilst acknowledging all the bullish signals.
A 3-3-5 ABC count will give wave C an ending diagonal pattern. The diagonal's wave 3 will have volume bar confirmation as labelled.
More updates later.
Comment:
This is my reasoning to disprove a leading diagonal count.
Comment:
Whilst being aware of this possibility.
Whilst being aware of this possibility.
Comment:
give them hell!