Hi traders,
Overview: if you followed my previous updates, you know that we are considering the whole 2022 correction as a triple zigzag (WXYXZ), where waves W, X and Y has been completed and we are in second wave X at the moment. Further, since the first X wave was developed as a flat, we expected this wave X to develop as some form of a zigzag. Up to this morning, I was expecting wave X as a double zigzag (wxy) with w and x being complete and a of y near completion. However, today's price action invalidated this count.
Update: after careful consideration of structure, I am now considering a different scenario. I think wave x of X is still in process and not yet complete. It is developing as a triangle and its waves (a) and (b) have been completed.
Please note that there are other scenarios possible, but this is the most probable one in my opinion.
Overview: if you followed my previous updates, you know that we are considering the whole 2022 correction as a triple zigzag (WXYXZ), where waves W, X and Y has been completed and we are in second wave X at the moment. Further, since the first X wave was developed as a flat, we expected this wave X to develop as some form of a zigzag. Up to this morning, I was expecting wave X as a double zigzag (wxy) with w and x being complete and a of y near completion. However, today's price action invalidated this count.
Update: after careful consideration of structure, I am now considering a different scenario. I think wave x of X is still in process and not yet complete. It is developing as a triangle and its waves (a) and (b) have been completed.
Please note that there are other scenarios possible, but this is the most probable one in my opinion.
