Hi traders,
Overview: this week has been really tricky to count. I am not going to review the reasoning again, please refer to my previous analysis. Yesterday, I expected the top of wave X to appear, with some reversal signs at around 4060. However, with this strength caused mainly by aapl and amzn ER, I am doing a major relabeling in wave X.
Update: considering the current strength, I am now considering that right now we are in wave (III) of X. Wave a and b of (III) have been completed and currently we are completing wave 3 of c of (III). Referring back to my published analysis of June 24th: "Remember, the next wave to develop is wave X, which is a correction inside a correction, so it should be really tricky to count. We can consider several different targets for this wave X such as 4170 range or 4300 range.", I now favor 4300 range as wave X top. Something interesting about 4300 is that it is exactly the 0.667 retracement of previous leg down, Y. Further, going through the fib relations between wave a and c of X, 4301 shows as a potential target.
Overview: this week has been really tricky to count. I am not going to review the reasoning again, please refer to my previous analysis. Yesterday, I expected the top of wave X to appear, with some reversal signs at around 4060. However, with this strength caused mainly by aapl and amzn ER, I am doing a major relabeling in wave X.
Update: considering the current strength, I am now considering that right now we are in wave (III) of X. Wave a and b of (III) have been completed and currently we are completing wave 3 of c of (III). Referring back to my published analysis of June 24th: "Remember, the next wave to develop is wave X, which is a correction inside a correction, so it should be really tricky to count. We can consider several different targets for this wave X such as 4170 range or 4300 range.", I now favor 4300 range as wave X top. Something interesting about 4300 is that it is exactly the 0.667 retracement of previous leg down, Y. Further, going through the fib relations between wave a and c of X, 4301 shows as a potential target.
