I really didn't expect us to get here with such strength and hold this area. To me this shows strength in the market and means we will likely go up after another pullback. Here is another attempt at a EW count.
To me the market is behaving like it did after the 2018 dec low, where we just go up and take stops at resistance areas. Right now we are at a resistance area. So, expect a pullback soon and another rally soon thereafter. The ABC wave of the initial drop labelled in my chart suggest we will retrace atleast the entirety of the C wave so I expect us to get back to ATH before we drop again. The general pattern here is a flat. This could go past to new ATH and in that case it would be an expanded flat.
To me the market is behaving like it did after the 2018 dec low, where we just go up and take stops at resistance areas. Right now we are at a resistance area. So, expect a pullback soon and another rally soon thereafter. The ABC wave of the initial drop labelled in my chart suggest we will retrace atleast the entirety of the C wave so I expect us to get back to ATH before we drop again. The general pattern here is a flat. This could go past to new ATH and in that case it would be an expanded flat.
We will have to see if after support holds we go up or fail and go down. Only time will tell.