From January 2015 to date the index traced out a possible major 3 wave structure where wave C is 0.618 to wave A ending at 4.27t.
Wave C traced out a 5 wave with the 5th of the 5th of wave C ending with a rising wedge increases the probability of a down turn supported with the divergence seen against the MACD.
Should this pattern be in play, then the support may be seen at 1.7t mark which would be a fourth wave of one lesser degree and ultimately into 107b where wave B is at over time.
Wave C traced out a 5 wave with the 5th of the 5th of wave C ending with a rising wedge increases the probability of a down turn supported with the divergence seen against the MACD.
Should this pattern be in play, then the support may be seen at 1.7t mark which would be a fourth wave of one lesser degree and ultimately into 107b where wave B is at over time.
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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.