This bounce looks corrective and confined within the black channel aka bear flag represented by WXY and each of that can be decided by a 3 wave pattern ABC. The final ABC also looks done with A:C = 1:1 and price within the red channel, with 5 waves (blue) done in the C wave
To be safe we wait for confirmation below the 4th wave at $182
The Fibs of WXY are similar to the first green ABC
X and B retraced 50%
Y and C bounced to 0.786 of W and A respectively
To be safe we wait for confirmation below the 4th wave at $182
The Fibs of WXY are similar to the first green ABC
X and B retraced 50%
Y and C bounced to 0.786 of W and A respectively
Comment:
Zooming out, the local top was rejected at 0.618 Fib, a good turnaround area
Comment:
Readjusted count for the fake pump, nevertheless waiting for confirmation below $182 was prudent. Now price dropped out of the red channel
Continuing our assumption for a bearish bias
Continuing our assumption for a bearish bias