Before I show you the updated MONTHLY chart, I first want you to see what I posted 2 months ago:
Compare what I posted then with this updated MONTHLY chart: :
Ok, so you've seen my Monthly and Weekly charts so let's start putting it all together here before I get into the fine details in the lower TF's. Here you can see the ABC 3-3-5 flat corrective wave IV unfolding more clearly.
The wave A of IV unfolded in 3 waves as wave B of IV is doing now. However, wave B is unfolding in a ABC 5-3-5 pattern. And that is where we are at now and what I am tracking. The question is where in the wave c of B of IV are prices now? What part of the 5-wave decline is prices in? This is the tricky part to decipher and pinpoint. What I am showing on the chart is a 5-waves leading and ending down where I have 2 POTENTIAL patterns waiting to be filled and also the .886 retrace of the wave A. This is a possible strong reversal area but we'll need to be patient and see how prices react at that point first. If this is going to be a , then I would expect to see this wave B drop down to test the very lows of wave A at 100% retrace and probably break below those lows to fill both the POTENTIAL from the MONTHLY chart AND also that POTENTIAL #2 (blue).
Well, I guess I kinda already talked about the patterns above in the WAVE COUNT section, huh? But there are the other 2 POTENTIAL patterns I didn't mention yet: the POTENTIAL bat and the POTENTIAL #1. Both complete almost on top of each other and both would complete at/near the .886 retrace which is the strongest reversal level within the G-Zone High Probability Reversal Area. This makes that point a very strong possibility for a reversal to occur. I would expect there to be some kind of bounce to occur there but what will it turn out to be? A short bounce before heading lower again? Or a full-on reversal?
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