Overview: let's review the expectations on the previous update:
Update: the price action followed the expected path precisely.
Now, based on the structure, I see that we should still go higher. Wave 5 of a of (z) of b will form today, then we will have a pullback to test the broken descending trendline as wave b of (z) of b and again rally higher to complete wave (z).
What are points of interest to consider as wave (z) peak? (~4217-4253) since the update of Nov. 14th, we had 4132.75 as a potential target, which now I think is going to be surpassed.
Based on the pullback of wave a of Z, we get these points: 4208.75, 4245, 4253.
Based on the volume profile of wave a of Z, we have 4276 as a previous POC and 4217 as the VAH.
There is a very important point in this count, as I warned before, this count can turn into an impulsive wave with equal probability and validity, meaning the bottom is in (this is a fact in the Harmonic Elliott wave theory that a triple zigzag can be also an impulsice wave since they both have the same structure of subwaves). How do we know which count is playing out? for now, we don't really care, both counts point to the fact that we should still head higher and get rejected probably mid-December to go lower. The structure and extent of that pullback is what determines the correct scenario.
- Completed wave c of (x) as expected and now we should head higher to form the last zigzag and complete wave b.
Update: the price action followed the expected path precisely.
Now, based on the structure, I see that we should still go higher. Wave 5 of a of (z) of b will form today, then we will have a pullback to test the broken descending trendline as wave b of (z) of b and again rally higher to complete wave (z).
What are points of interest to consider as wave (z) peak? (~4217-4253) since the update of Nov. 14th, we had 4132.75 as a potential target, which now I think is going to be surpassed.
Based on the pullback of wave a of Z, we get these points: 4208.75, 4245, 4253.
Based on the volume profile of wave a of Z, we have 4276 as a previous POC and 4217 as the VAH.
There is a very important point in this count, as I warned before, this count can turn into an impulsive wave with equal probability and validity, meaning the bottom is in (this is a fact in the Harmonic Elliott wave theory that a triple zigzag can be also an impulsice wave since they both have the same structure of subwaves). How do we know which count is playing out? for now, we don't really care, both counts point to the fact that we should still head higher and get rejected probably mid-December to go lower. The structure and extent of that pullback is what determines the correct scenario.
