The recent Bullish Move caught many by surprise. And people have their hands dipped in longs, but the overall market structure says otherwise.
If we were to go into Bull market, we should have done so a couple weeks ago. Instead the supposed correction turned into Leading diagonal. I was not expecting the Wave B of our flat to retrace this low, but it did. You can see Expanding Ending Diagonal in our last subwave of Wave C inside B wave of this flat which was signaling the upcoming upward move we saw, but i must say, I was surprised with the intensity of this move.
Currently, I am considering this upward move to be our Wave C before the second leg down and will be looking to enter in short position next week when an opening presents itself.
The wave count shown in my chart is simple Expanding Diagonals whose Wave 2 is Expanding Triangle and Wave 4 as Extended Flat.
If we were to go into Bull market, we should have done so a couple weeks ago. Instead the supposed correction turned into Leading diagonal. I was not expecting the Wave B of our flat to retrace this low, but it did. You can see Expanding Ending Diagonal in our last subwave of Wave C inside B wave of this flat which was signaling the upcoming upward move we saw, but i must say, I was surprised with the intensity of this move.
Currently, I am considering this upward move to be our Wave C before the second leg down and will be looking to enter in short position next week when an opening presents itself.
The wave count shown in my chart is simple Expanding Diagonals whose Wave 2 is Expanding Triangle and Wave 4 as Extended Flat.