Hello Traders,
I wish all readers and their families a happy and healthy new year and best wishes!
As per my last analyze, I have updated the chart and replaced the numbers and letters.
Daily view:
As per my count the low @ 24899.9 (intraday low) on August 15 marks the end of a wave „5“ of „(c) of ((ii))“! The advance since is to my view a series of „ones and two`s“, still in progress and develops to the upside. As you note, the advance is developing in a trend channel and makes some higher highs and higher lows! So, I guess it is a „triple-failure-swing“ low pattern, even a series as mentioned before. The latter three candles at the chart look like a bullish „morning star“ formation.
I know typically this pattern occurs at the end of a trend after a correction, but I think it could be classified as one here at this level. If so to come, the advance is not done and any correction should develop into a „three-down“, and contains within parallel lines.
As you will notice at the right-hand chart (90 minutes) you see a lot of gaps occurring at the advance started on December 4. These gaps are a series of „breakaway“ and acceleration-gaps“ as they occur in an up- or down-trending market. So, it is possible that is was all of the advances within a wave „3“ of „5“ but to me, it looks as not done for now. Only a close of the open gap @ 27864 would establish the evidence that the advance is done shorthand and lower lows are to expect within a wave „4“ correction.
I will update the chart in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
I wish all readers and their families a happy and healthy new year and best wishes!
As per my last analyze, I have updated the chart and replaced the numbers and letters.
Daily view:
As per my count the low @ 24899.9 (intraday low) on August 15 marks the end of a wave „5“ of „(c) of ((ii))“! The advance since is to my view a series of „ones and two`s“, still in progress and develops to the upside. As you note, the advance is developing in a trend channel and makes some higher highs and higher lows! So, I guess it is a „triple-failure-swing“ low pattern, even a series as mentioned before. The latter three candles at the chart look like a bullish „morning star“ formation.
I know typically this pattern occurs at the end of a trend after a correction, but I think it could be classified as one here at this level. If so to come, the advance is not done and any correction should develop into a „three-down“, and contains within parallel lines.
As you will notice at the right-hand chart (90 minutes) you see a lot of gaps occurring at the advance started on December 4. These gaps are a series of „breakaway“ and acceleration-gaps“ as they occur in an up- or down-trending market. So, it is possible that is was all of the advances within a wave „3“ of „5“ but to me, it looks as not done for now. Only a close of the open gap @ 27864 would establish the evidence that the advance is done shorthand and lower lows are to expect within a wave „4“ correction.
I will update the chart in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!