Running Zigzag, Running Triangle or Expanding Triangle.
We are facing three possibilities after recent dip below 9K.
Running ZIGZAG:
Simple Five waves up from circle 4 to meet lower uptrend channel band and exceeding end of wave circle 3 ($9700) might be end of circle 5.
In this scenario we do not need to exceed 10k to complete. top of circle 3 is sufficient.
Wave A is equal C
Running Triangle:
Move to red D that takes shape of 3
Expanding Triangle:
This is lest likely scenario, because Blue ABC is most likely Flat with AB zigzags and C impulsive 5. If C is not impulse then Red C might be E of expanding triangle and circle 4.
ALL scenarios call for move up. Question when formation will be completed and as always confirmation in form of 5 down from TOP is needed.
Next best stop is to kiss uptrend channel.
Running ZIGZAG:
Simple Five waves up from circle 4 to meet lower uptrend channel band and exceeding end of wave circle 3 ($9700) might be end of circle 5.
In this scenario we do not need to exceed 10k to complete. top of circle 3 is sufficient.
Wave A is equal C
Running Triangle:
Move to red D that takes shape of 3
Expanding Triangle:
This is lest likely scenario, because Blue ABC is most likely Flat with AB zigzags and C impulsive 5. If C is not impulse then Red C might be E of expanding triangle and circle 4.
ALL scenarios call for move up. Question when formation will be completed and as always confirmation in form of 5 down from TOP is needed.
Next best stop is to kiss uptrend channel.
Order cancelled:
C of triangle didnt hold and we know what happened. Stop-loss every time.