I’m breaking down the wave (b) correction here. From the wave (a) end, prices went back up in 3-waves. This I have labeled as wave a of (b). When wave a ended, prices have declined in a very messy manner indicative of a corrective wave. I’ve labeled this to be the wave b of (b). Prices have now reached the starting point of the wave a and hit the MONTHLY MAJOR SR structure zone which also halted the wave (a). If wave b ends here, then we will see wave (b) unfold in a . If this structure does not hold and prices decline even further, then this could turn out to be a expanded flat depending on where prices stop and reverse from. If expanded flat, then we will see a MUCH longer and stronger wave c of (b).
This wave b decline has now formed a POTENTIAL with its’ C point yet to be confirmed. There was also a COMPLETED and prices are now testing its’ PRZ.
WEEKLY CHART - Two Ways To See This
Here is 2 conflicting wave counts. One continues this corrective pattern and the other shows a possible strong impulse wave upcoming to new lows. So which one will you take?
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