Noteworthy setup for a continuation.
For higher timeframes, there's a lot of ways to count this.
One way:
The last wave doesn't have to play out as an impulse as shown above - could just as well turn into a diag.
The same count with a short wave 5 could also be done here:
Since the subdivision of the diag looks like 3-wave moves, it could be leading or ending, so that certainly is a possibility.
Just a trendline in log:
And here's one count, that leaves quite a few more moves up:
Though the same thing applies here as in the above variations: could be a 1-2 of a wave 5, with the setup shown or the wave 5 could be done with that diag.
For higher timeframes, there's a lot of ways to count this.
One way:
The last wave doesn't have to play out as an impulse as shown above - could just as well turn into a diag.
The same count with a short wave 5 could also be done here:
Since the subdivision of the diag looks like 3-wave moves, it could be leading or ending, so that certainly is a possibility.
Just a trendline in log:
And here's one count, that leaves quite a few more moves up:
Though the same thing applies here as in the above variations: could be a 1-2 of a wave 5, with the setup shown or the wave 5 could be done with that diag.
Comment:
I just noticed that my yellow count to the top isn't valid as a diag. One could decide to ignore the slight wick-overlap of the 1/4 and accept it as an impulse, but the wave 5 would still look very 3-wave, which wouldn't work either.
So with that I don't have an immediate clear outlook to the upside, which doesn't mean that it won't work out. A buy in the lower 44x was a good one either way, just saying to watch out for either a prolonged sideways movement or a continuation to the downside.
I've also shown scenarios, that had the top already in and I can probably find a few more, like this for example:
And even with that count I could see something like this which would give new highs:
It's just not as clear cut as I previously had it.
So with that I don't have an immediate clear outlook to the upside, which doesn't mean that it won't work out. A buy in the lower 44x was a good one either way, just saying to watch out for either a prolonged sideways movement or a continuation to the downside.
I've also shown scenarios, that had the top already in and I can probably find a few more, like this for example:
And even with that count I could see something like this which would give new highs:
It's just not as clear cut as I previously had it.
Order cancelled:
Just to finish here: the next level to look for a hold is around 400 $ (+/- 1%-2%). I'm not going to focus on / update this chart for the time being.
If it delivers one more low, still same count with an expanding ending diag missing the last wave as one possibility