In the last outlook i put forward a bullish and bearish scenario, the bearish one played out with price declining in a C wave and reversing pretty much dead on where i suggested.
MP is again looking for a break to the upside with a continuation in wave 3 or C, as i have detailed on both the chart comments and the future projections, there is an alternative count to again consider. both bullish and bearish scenarios begin the same way, we wont exactly know which one will play out until we develop the green wave ii correction and break out of that.
More comments on the chart.
A few caveats:
1. Some of the projections i have put forward are based on estimates of uncompleted waves, once i feel i can anchor the next wave i will update the chart and recalculate the levels for the next wave, the chart is an evolving puzzle and there is only so much we can determine based on the information we have.
2. I put more emphasis on price levels as opposed to time, dependent on volatility the waves could play out quickly or prolonged, i do factor in an element of 'the right look' in terms of wave proportionality, but also want the patterns i am projecting to be easily visible on the outlook, so bear that in mind.
Note: i create my outlooks with the browser tabs hidden (F11) so if they look squashed, that is why.
If you appreciate my analysis then please show your appreciate with a like, share and follow.
MP is again looking for a break to the upside with a continuation in wave 3 or C, as i have detailed on both the chart comments and the future projections, there is an alternative count to again consider. both bullish and bearish scenarios begin the same way, we wont exactly know which one will play out until we develop the green wave ii correction and break out of that.More comments on the chart.
A few caveats:
1. Some of the projections i have put forward are based on estimates of uncompleted waves, once i feel i can anchor the next wave i will update the chart and recalculate the levels for the next wave, the chart is an evolving puzzle and there is only so much we can determine based on the information we have.
2. I put more emphasis on price levels as opposed to time, dependent on volatility the waves could play out quickly or prolonged, i do factor in an element of 'the right look' in terms of wave proportionality, but also want the patterns i am projecting to be easily visible on the outlook, so bear that in mind.
Note: i create my outlooks with the browser tabs hidden (F11) so if they look squashed, that is why.
If you appreciate my analysis then please show your appreciate with a like, share and follow.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.