WFM. Correction finished. Longs favored

103 5 3
We got a very nice 61.8% correction with the expanding ending diagonal in wave 5 of (C).

First move up and first retracement are already in place.

Good to long.
Comment: Update
Hi Interesting chart, Thanks for sharing.

If I may, I note that you are suggesting "Expanding Ending Diagonal" (EED), for the recent price action. Presumably to suggest that it marks the end of the bearish cycle. However, whilst EED is valid pattern I am not sure that it applies in this case in the manner you have suggested. Because even in EED the Rule says wave 2 cannot retrace more than 100% of wave still applies and it seem in your chart it has breached that. So if it is expanding diagonal of some sort it could be wave "x" suggesting the cycle could actually resume the previous trend. OR that the cycle ended at your wave 3 low in some sort of zigzag and that a retracement phase is in play since wave 3 low.

Any views?
aibek DanV
Hi Dan, yes you are right, I missed that, my apologies!
Here is the updated chart
Thank you for your reply.

That looks better. However, I would be cautions with my upside anticipation. So the current bounce might be just a retracement, rather than new bullish cycle. We will get more clues with additional data. Excellent analysis otherwise.
aibek DanV
It's always a risk to call for bottom/peak. But then why we should study waves if not for that. ))
Absolutely. Agree 100%
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