if the green corrective structure is a triangle, the entire decline since 7 Sept will pause will very soon
WXY with double zigzag structure?
the big picture is still not very clear maybe a green flat before another larger degree impulse maybe a pink ending diagonal maybe blue 5-wave impulse
looks like 5 + 3 sequence could be 1-2 or a-b short for 3 or c alter count labelled in yellow
The retire rally since early Feb this year seems corrective The following move from August high of $117.87 so far seems impulsive Expecting more downside potential after some correction
Looks like a good opportunity to short if breaking the bearish flag
Looks like a large scale counter trend reversal may happen very soon
I wonder what could cause such a sharp fall today short opportunities may arise after certain consolidations in lower time frame
whether this is a zigzag abc rally before another fall or the start of 12345 new impulse $47.32 seems to be a reasonable target
The structure so far looks like a simple abc correction But RSI also made a new low while price was moving down I am more inclined towards a new low which may give us a even bigger potential bearish case in the daily chart
Equality between a and c wave RSI divergence a break of $98 would indicate further downside potential
expecting the price will eventually form an ending diagonal structure
The rally since late June looks like 5 waves and wave 5 ended at 10806. The price then made few attempts to push to a new high but unsuccessful. Not seeing any acceleration to the downside, but I am still expecting the correction(if this is just a correction) will continue to press the price down to the previous 4th wave level
The idea is 5-wave impulsive move followed by 3-wave correction, we may see another 5-wave sell off once the correction finish The rally since mid Feb this year looks like zigzag and it has retraced about 61.8% of the previous 5-wave drop but there is no clear price evidence shows the c wave is complete