US30 Higher Degree Correction, Should Continue Lower
Given my prior count, this corrective period would have now passed the 100% 4 vs 2 in price and 261% 4 vs 2 in time, so I'm no longer viewing it as being of the same degree as the 10/7 - 10/13 pullback. I'm now viewing the 11/8 high as having completed Minor wave 1 off the early October lows, which now puts a target downside between 35000 - 35500.
This means I'm also now viewing the correction as a combination, with the 11/18 low (which I originally speculated as the end of the correction) as the end of wave W. The X wave would have likely completed at today's high, or possibly the 11/19 high. This puts the 100% Y vs W Fib target at 35035, which is right in the middle of the Minor wave 2 Fib retracement zone. In other words, I wouldn't be surprised to see this pullback continue to 35000. There is heavy support there, and it would take us right to the bottom Intermediate degree trendline (the red line), sourced off Intermediate waves 2 (10/30/2020) and 4 (early October 2021).
On the lower timeframes it's difficult to say where we are. Minuette wave A (blue) should print either 3 or 5 waves down, before retracing temporarily into wave B, and then dipping even further. Alternatively, if the 11/19 high completed Minute wave X, we could already be in Minuette wave C, which might result in a somewhat more shallow downtrend to the 35500 - 35300 area.
As long as we get a solid bounce somewhere in this area and the market doesn't develop into an yet even higher degree correction (if we do break the red trendline, the market could be in for a serious decline), December should be a bullish month.
This means I'm also now viewing the correction as a combination, with the 11/18 low (which I originally speculated as the end of the correction) as the end of wave W. The X wave would have likely completed at today's high, or possibly the 11/19 high. This puts the 100% Y vs W Fib target at 35035, which is right in the middle of the Minor wave 2 Fib retracement zone. In other words, I wouldn't be surprised to see this pullback continue to 35000. There is heavy support there, and it would take us right to the bottom Intermediate degree trendline (the red line), sourced off Intermediate waves 2 (10/30/2020) and 4 (early October 2021).
On the lower timeframes it's difficult to say where we are. Minuette wave A (blue) should print either 3 or 5 waves down, before retracing temporarily into wave B, and then dipping even further. Alternatively, if the 11/19 high completed Minute wave X, we could already be in Minuette wave C, which might result in a somewhat more shallow downtrend to the 35500 - 35300 area.
As long as we get a solid bounce somewhere in this area and the market doesn't develop into an yet even higher degree correction (if we do break the red trendline, the market could be in for a serious decline), December should be a bullish month.