Curently it's going kind of sideways and seems to want to retest 0.883 fib. There is a clear and a resistance trend.
A new market cycle can start from this.
Some good sell areas are old zones but this may head to a new all time high as this new cycle may be the 3 for a larger move.
Also, in the telegram group I've also sent multiple target areas and only one of them was an all time high.
1- Wave 2 cannot retrace more than 100% of wave 1. (Not the case)
2- wave 3 can never be the shortest out of the three impulse lines (and it is in this case)
3- Wave 4 can never overlap wave 1 (and it does in this case)
Rules two and three are violated so i can’t think of this graph to be a correct analysis and I believe it could simply be a descending wedge.
I personally use the candles to measure the fib zones and for maximizing profits (buy/sell areas) but for wave count I usually use the line chart.
I don't say that it's the correct way of doing it but it works most of the times (at least for me).
Please have a look at the next chart (for wave count).
your feedback is highly appreciated.