Hi traders,
Overview: In this weekend review, I am going through a summery of my thinking process/expectations through the past week:
July 16th: "Even if my triangle count is invalidated, the other possibility is that wave X is a flat. So, we are in leg c of flat right now, completing its wave 1, and then what follows is wave 2. You can see that in both counts, we expect a pullback to at least 3800 area."
July 19th: "I am now considering wave X as a flat. Waves (I) and (II) have been completed, with wave (III) currently in play. I see wave X reaching the top of the bullish channel (blue lines) as a potential target."
The rest of the week, we were expecting a higher high everyday until we reach the target for wave X (4040-4060 range) and see the completion of the structure. If you look at my update of July 21st, you can also see that this deep pullback of yesterday was expected.
Update: I see wave X not completed yet. Looking at the hourly chart, I can see that waves a and b of 5 of c of (V) are completed, with wave c completing in the coming week (market topping for the last major bearish move). Potential targets for wave X top (~4050):
1) Wave X target: 4049.75
2) Wave c targets: 4034.75 and 4052.25
3) Wave (V) target: 4057
Overview: In this weekend review, I am going through a summery of my thinking process/expectations through the past week:
July 16th: "Even if my triangle count is invalidated, the other possibility is that wave X is a flat. So, we are in leg c of flat right now, completing its wave 1, and then what follows is wave 2. You can see that in both counts, we expect a pullback to at least 3800 area."
July 19th: "I am now considering wave X as a flat. Waves (I) and (II) have been completed, with wave (III) currently in play. I see wave X reaching the top of the bullish channel (blue lines) as a potential target."
The rest of the week, we were expecting a higher high everyday until we reach the target for wave X (4040-4060 range) and see the completion of the structure. If you look at my update of July 21st, you can also see that this deep pullback of yesterday was expected.
Update: I see wave X not completed yet. Looking at the hourly chart, I can see that waves a and b of 5 of c of (V) are completed, with wave c completing in the coming week (market topping for the last major bearish move). Potential targets for wave X top (~4050):
1) Wave X target: 4049.75
2) Wave c targets: 4034.75 and 4052.25
3) Wave (V) target: 4057
