We will have a wave iii of 3 of C (C is a third wave) so we should have massive , price could go really low.
Now we should get a small retracement before wave 3 begins.
I agree for the most part with the count but how do you decide when to ignore the high/lows of the candle wicks when they overlap? For example, waves i and iv of (i) & of (v) overlap.
I would propose the following to fit withing your count, however, I don't like the proportions of the internal waves of wave (v).
I see the possibility that iv & v of (v) are still playing out and the current low of 230.75 is iii of (v)...
They produce an overall count of 3-3-3-3-3 (with wave 4 entering territory of wave 1) while Leading diagonals subdivide in 5-3-5-3-5.
Ending diagonals generally occur in the fifth wave of a 5-wave pattern and indicate exhaustion of the trend.. Thats why I suggest that labeling and a retracement coming..
Hope that answers your question.
Thanks for your message and sharing your idea!
Thanks for your questions and sharing chart with proposed wave counts. I agree with you in difficulties in counting these waves with overlapping candlesticks and ling wicks.
It is not ideal. But the only you could see if it still conforms is to take a look in even smaller time frame like 5 min. Still their will be instance where counts are no clear or they overlap which could be acceptable if they happen to be in waves A, C, 1, 5 as leading or ending diagonals.
Still if it does not fit or is questionable then it might be some sort of corrective action and would have to be labelled as such.
However, in such volatile and relatively thinly traded or low volume instrument there are more frequent cases of these and an Analysts would have to deal with them in some manner which still follows Rule and Guidelines. Otherwise like some of the EW chartist posting the charts here on TV would look very puzzling and ridiculous to others.
Hope this helps.
looks like wave 3 is still in progress... what's your next take after we hit 220s? some upside to 270s before we continue another wave down? if i'm reading your waves correctly so far they seemed to have completed.. please correct me if'm wrong as i don't do charts..
a to b 232
b to c 239
c to ? 234
The market is kind of choppy right now and the retracement is not so evident, but I would give it a little more time to develop.
My guess is that a double zigzag pattern is forming..
What do you think ?