The analysis is as follows.
If you have followed my past analysis, you would see that I have called the top for this being the 3.414-3.618 area which we have hit.
My past idea that the wave 4 was what I had previously labeled is correct.
Currently we are in a channel, meaning that the move downwards hasn't yet been confirmed, although I think the double top we have seen on the 15 and 16 confirm that this move is done.
I am bit unsure about the wave 5 structure, since the wave 5 is not very distinct. I am going to look beyond this as an issue, since the wave 5 volume has been so low, it is possible that we have run out of bullish momentum.
To bring credit to this count, I will show how it follows all of the impulse wave rules and guidlines.
Wave 2 does not move beyond the wave 1.
Wave 3 is not the shortest
wave 1,3, and 5 aren't all extended
Wave four doesn't move into the price territory of wave one
There is alternation between the wave 2 and 4.
Wave 5 has ended at the middleline of a channel created from the point 2-4 and wave 3 end.
The target for this move is the wave 4 of the prior wave . 1.18930 to be exact, but I might take profit sooner, depending on the price action in the moment.
I am proven wrong in this wavecount, if we end up moving beyond the 1.20000 mark. In this situation, wave 5 still has a far amount to travel.
If you have followed my past analysis, you would see that I have called the top for this being the 3.414-3.618 area which we have hit.
My past idea that the wave 4 was what I had previously labeled is correct.
Currently we are in a channel, meaning that the move downwards hasn't yet been confirmed, although I think the double top we have seen on the 15 and 16 confirm that this move is done.
I am bit unsure about the wave 5 structure, since the wave 5 is not very distinct. I am going to look beyond this as an issue, since the wave 5 volume has been so low, it is possible that we have run out of bullish momentum.
To bring credit to this count, I will show how it follows all of the impulse wave rules and guidlines.
Wave 2 does not move beyond the wave 1.
Wave 3 is not the shortest
wave 1,3, and 5 aren't all extended
Wave four doesn't move into the price territory of wave one
There is alternation between the wave 2 and 4.
Wave 5 has ended at the middleline of a channel created from the point 2-4 and wave 3 end.
The target for this move is the wave 4 of the prior wave . 1.18930 to be exact, but I might take profit sooner, depending on the price action in the moment.
I am proven wrong in this wavecount, if we end up moving beyond the 1.20000 mark. In this situation, wave 5 still has a far amount to travel.
Comment:
Interesting. The corrective wave was stopped short by a huge impulsive move upwards. I am unsure of what caused this, but it has invalidated the wavecount.