With the current price action, and that we retraced back to retest the horizontal macro resistance (highlighted in pale yellow) that as of the time being acts as support, I think this could be counted as wave (1) instead of (3) with a truncated sub-degree wave 5 failing to exceed the price territory of wave 3 for (1). The smaller timeframes have the supporting 5-3-5-3-5 subwave counts.
The rest of the count was updated to reflect the trend.
However, with the macroeconomic situation, I am keeping an open mind for a different count probably to the downside..
The rest of the count was updated to reflect the trend.
However, with the macroeconomic situation, I am keeping an open mind for a different count probably to the downside..
Trade active:
en route :3
Trade closed: target reached
