looking for opportunity to trade for the downside
The rally since 24th May still has a corrective look so far, hence I am thinking this could be a complex (w)-(x)-(y)-(x)-(z) combination. Note: (z) wave may have already finished as a-b-c zigzag or it may further develop as an a-b-c-d-e triangle As long as price is moving below the extreme high of 0.78351, i am still looking for opportunities to trade for the downside
The structure looks pretty bearish expecting another 5-wave down at least
Price made a (a)-(b)-(c) three-wave rally from the August low of $39.17 to $48.97, I am inclined to think the entire rally so far could be a larger degree B wave (double zigzag), we may see a C wave decline very soon
could be a 12-12 sequence or simply a 5-wave decline followed by sharp rally, although wave 2 seems bit oversized if comparing with wave 4 MACD & RSI were unable made new highs when price pushed for few higher highs will short if price penetrate below the 5440 supportive zone
could be a flat abc correction, where wave a is also a flat
Looks like a 5-wave decline sequence may end very soon
could have another wave down, either (c) or (iii)
looks like it may deliver another 5-wave decline
expect a-b-c correction after the initial impulse up
Bearish count
The decline from 747.50 (Aug 10) ended at 651.50 (Sept 16) and it does not look like 5-wave impulse
it's probably too early to label the move from July top as smaller degree i-ii-iii-iv-v sequence, but the retire decline structure so far looks impulsive
A leading diagonal the start the bearish trend? need to see a smaller degree 5-wave impulse down first
Bearish count need to see a smaller degree impulse down first
The advance since Jan this year seems finished price broke the uptrend channel 3 consecutive red candlestick bars are expanding Divergence in RSI MACD crossed the zero line Will short if bounce is corrective
let's see if price can break through the 2-4 trend line first