This chart is a closeup of the POTENTIAL pattern I also posted in the previous post. This may play a role in determining the next move whether it will continue higher in as part of a wave 3 up or if it is part of the abc within a developing triangle. If prices fill this (and also the larger pattern) and do not violate it's PRZ as well as the X point of the , then we should see this alternate scenario take place and a consolidation of some sort occur extending wave (iv) whether it be this or some other kind of complex corrective wave.
Here I am posting an alternate scenario (can't claim credit for it as it was brought to my attention by a fellow member, Donaldsaw) that I actually favor. Still catching a "wave 3" right now but it's a c wave of an abc . Not as exciting, I know. It will be very easy to know which way prices will unfold. If current PA exceeds 125.846 (the recent high) and breaks the pattern, then the first scenario I posted is more likely and this alternate scenario will be broken. However, if prices respect the recent high and follows the down accordingly, then this alternate scenario will prevail.
From a standpoint of the crowd mentality and sentiment, this alternate scenario also makes more sense. Currently, the retail market is about 45%/55% buyers to sellers. This favors consolidation and not a trend.
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