Hello traders! In the last post, we highlighted different possibilities for the current price action. At the end price resumed impulsively creating other 5 motive wave breaking red zone, confirming the bullish count into blow off top. As the last 5 waves structure was completed, we entered short looking for a bigger wave 4 to reconcile between 14650 (waqve 4 of smaller degree) and 14300 (38.2 of wave iii). Supporting downside we also have: -Vix at support with bullish divergence -Bearish divergence on ndx daily chart. Then we expect other bullish leg v for the blow off top.
In the micro tf we are observing a zig zag 535 for wave A of iv: According to price action, we will update below. Happy trading!
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microcount
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going for wave C: targets on chart, stop loss on entry
Trade active
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updated count
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another leg down may be needed before wave 5
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wave iii of (c) in the making, target yellow box
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c wave almost finishing, falling below the yellow box will increase odds in favour of bearish count