A bearish alternative to this idea >
And smaller timeframe analysis to this theory >
I think it's possible that Fridays movement was an ABC to complete a larger degree wave 4. If you look on the 5m chart here >
You can see 5 waves up (orange) before a pull back to the .236 level then up for one more wave which could be C; from the top there appears to be a starting wedge for what could be wave 1 down.
The key level for this theory to play out is Fridays high, above that level then the move is invalid (wave 2 crossing wave 1 starting point).
And smaller timeframe analysis to this theory >
I think it's possible that Fridays movement was an ABC to complete a larger degree wave 4. If you look on the 5m chart here >
The key level for this theory to play out is Fridays high, above that level then the move is invalid (wave 2 crossing wave 1 starting point).
Comment:
Invalid now a Fridays high broken.
Comment:
THis turned out to be the right idea, I miscounted the ABC before the new high