So, yesterday I posted the bearish idea first, and really contemplated NOT posting a bullish count since I was pretty certain the bullish was a stretch, but I went ahead and posted a bullish count, and we can now disregard that one...IT'S DEAD!!!
I've taken the time to calculate this 5 wave structure, and this last drop and wave count has a "TELL"! I believe my math is correct, and it appears that Wave (i) down is longer than Wave (iii) down, and we know that according to EW Theory, Wave 3 cannot be the shortest wave, thus Wave (v) has a limit, which I've posted on the chart the range! Now, depending upon which platform you use, you'll have to calculate those totals as well.
So, what if it goes lower than the proposed target? Great question!
1. It is possible that the wave count is incorrect! (I would be humbled once again!)
-OR-
2. It could be the start of a 1-2, i-ii... which would bring in a much DEEPER low!
Lastly, it doesn't mean that price has to go that low, it's simply a target!
Thanks in advance for all the likes!
I've taken the time to calculate this 5 wave structure, and this last drop and wave count has a "TELL"! I believe my math is correct, and it appears that Wave (i) down is longer than Wave (iii) down, and we know that according to EW Theory, Wave 3 cannot be the shortest wave, thus Wave (v) has a limit, which I've posted on the chart the range! Now, depending upon which platform you use, you'll have to calculate those totals as well.
So, what if it goes lower than the proposed target? Great question!
1. It is possible that the wave count is incorrect! (I would be humbled once again!)
-OR-
2. It could be the start of a 1-2, i-ii... which would bring in a much DEEPER low!
Lastly, it doesn't mean that price has to go that low, it's simply a target!
Thanks in advance for all the likes!