The 5 subwaves down indicate the completion of a very steep wave C. What followed was an extended correction connected with a wave X marked by the WXY. Then another ABC correction came followed by another extended correction.
The next wave C was also very steep but much steeper than the previous C. This means there was no support and that the average price is getting lower and lower with every extended correction.
What's occurring now looks to be another extended correction with a wave X. This means another ABC correction will follow. The only hope is that the wave C will have some support and that an impulse wave will come after.
The next wave C was also very steep but much steeper than the previous C. This means there was no support and that the average price is getting lower and lower with every extended correction.
What's occurring now looks to be another extended correction with a wave X. This means another ABC correction will follow. The only hope is that the wave C will have some support and that an impulse wave will come after.
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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.