on 4 hour its clear we have finished a 5 wave decine, with wave 5 being an ending diagonal.
next we will get either a bullrun to new highs, or 3 wave corrective move up.
I have listed the bearish count on bigger timeframe as well, which seems less likely at the moment.
The bullish count on the bigger timeframe seems the most likely scenario, because:
the 5 wave decline down ended with a diagonal
we have bullish divergence on 1h, 4h and dayli timeframes.
weekly rsi around 40 (bull zone.)
and the 5 wave decline hit 161 fibonacci of the possible wave a of a flat from the 2 recent tops.
end we are in a channel up
Enjoy:-)
next we will get either a bullrun to new highs, or 3 wave corrective move up.
I have listed the bearish count on bigger timeframe as well, which seems less likely at the moment.
The bullish count on the bigger timeframe seems the most likely scenario, because:
the 5 wave decline down ended with a diagonal
we have bullish divergence on 1h, 4h and dayli timeframes.
weekly rsi around 40 (bull zone.)
and the 5 wave decline hit 161 fibonacci of the possible wave a of a flat from the 2 recent tops.
end we are in a channel up
Enjoy:-)
Comment:
Bearish sentimental on weekly but for now it looks as if we could have a bounce up to 56 k if we bounce from current levels. The move Down from top looks like a 3 wave decline. But the bounce up was 3 waves as well.
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We might have completed a wxy correction
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Looking for this before upside.
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Does not look like we get wxy. Current waves are not a zigzag but looks more like a 1/2 1/2 wave meaning new lows.
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I was a little præmature to write of wxy. Could still be in play. Im watching if we might get a galt as b wave like this.
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Not 4 th on the left then but 1 or a of move up ( if we currently in a b wave of a zigzag Down)
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Bottom. Looks like a zigzag finished as wave 2. B wave was a complex wxy wave. W a zigzag x was a triple zigzag and y an expanded flat. So we should get a strong bullish move up. Watch out around 46-47 k. If strong rejektion here move up could just be a corrective zigzag.
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Look here for overall wavecount
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Wxy invalidated. ongoing impulse Down instead ??. More Price action to tell for sure but alternative bearish count for ongoing impulse could develop to this
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Possible to count 5 waves Down. If we bounce above 40 k.
Bullish div on 4 hour at the moment
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A diagonal may be forming. If so it vould be an ending diagonal finshing wave 4 flat, or it could be a leading diagonal of a bigger bear market.
Or we could have finished a wxy wave (double zigzag)
Or we could have finished a wxy wave (double zigzag)
Comment:
Short term we Can see we did a small zigzag. So far not bullish but that zigzag could turn in yo a leading diagonal. We Will see