Update to previous WXYXZ idea >
I probably shouldn't get too hooked on the idea that this pattern appears the same as the one back in June as I could end up missing what's actually going on.
Below is the period between 18th June and 21st June with what appears to be a large extended flat correction with B wave a WXY >
Y extended 1.414 of W to complete B then C down to the 1.272 extension of A.
Since last Friday we appear to have a similar structure and today could be B wave >
Y of B extended to 1.272 of W to complete what could be B wave, and potentially now C to the 1.272 extension.
If it goes much higher I will have to admit defeat in my battle to master WXY and WXYXZ corrections :)
I probably shouldn't get too hooked on the idea that this pattern appears the same as the one back in June as I could end up missing what's actually going on.
Below is the period between 18th June and 21st June with what appears to be a large extended flat correction with B wave a WXY >
Y extended 1.414 of W to complete B then C down to the 1.272 extension of A.
Since last Friday we appear to have a similar structure and today could be B wave >
Y of B extended to 1.272 of W to complete what could be B wave, and potentially now C to the 1.272 extension.
If it goes much higher I will have to admit defeat in my battle to master WXY and WXYXZ corrections :)
Comment:
POssible count so far, wave 3 completed possibly
Comment:
Looks like we're in wave 4 now, possibly subwave 4 of 3 currently unable to break above .236 level >
We may see two more legs down, one to complete subwave 5, then a correction before the larger degree wave 5 to around the 68 level
We may see two more legs down, one to complete subwave 5, then a correction before the larger degree wave 5 to around the 68 level
Comment:
More bearish possibility, if the first wave down is completed
Comment:
Looks like the correction is coming to an end >
A wave starting wedge, followed by ABC and 5 waves up to 1.618 of A; possibly one more wave up depending how you view it
Comment:
If you look at June correction after the drop there was expanded flat >
B and C waves left the channel. If you look at now >
C is currently mid channel which means it could be a running flat and we move up from here in a big way. Very hard to get an entry for position here.
Comment:
A couple of correction scenarios >
>
Comment:
Now have divergence, a bearish candle and hit .618 >
If it doesn't drop now I guess it won't
Comment:
Target reached
Comment:
6690 broken, this bullish count invalid now.