a solid daily close above the trend-line would suggest a valid break out and would suggest wave (3) rally could be under way note alternative count in grey
It might be bit early to call the end of bullish rally since late December 2018. But we could certainly have a count that shows wave (C) of {B} has reached it's peak.
Expecting wave 5 rally to push the price into a new high
re-test wave (A) high at 1.14293? Note: Wave (B) is a zigzag Wave B of (B) is a triangle
if first blue A-B-C = (A) or (W), second blue A-B-C=(B) or (X), then we can expect wave (C) or (Y) to follow. e.g. Green 1-2-3-4-5 = (C) or pink A-B-C = (Y) We know that Wave (C) of a flat usually between 100% and 165% as long as wave (A) Wave (Y) of a double zigzag often about the same length as wave (W) (or common Fibonacci ratio o.618 or 1.618) Both...
It looks like wave (5) is an extend wave that equals to approx. 2.618 multiple the total distance from the beginning of wave (1) to the end of wave (3). If the recent high of 445.88 is the end of wave (5) , we could expect a large correction to unfold in the next couple of months or even years e.g. (A)-(B)-(C)
a potential buy opportunity to catch wave C or 3 also note pink wave B or 2 almost hit the 38.2% retracement level pink wave B or 2 is an expanded flat, where blue wave {c} = approx 1.618 blue wave {a}
The overall pattern has great bearish potential, but be aware that wave (2) or (B) could be more complex and time consuming.
based on the above count, the long-term trend remains bullish, either wave (3) or wave (C) rally is under way
Note red wave 3 equals approx. 2.618 times the length of red wave 1 red wave 4 almost perfectly cut the entire 5 waves at 38.2%
The pink count suggests wave c has completed a zigzag correction, sub wave b of the zigzag is a running flat. Another solid push above wave b high could lead to a potential buy opportunity.
Looks like a bearish triangle is in the making No bearish signal from Guppy EMA
Price has already broken the (B)-(D) trend line, I think the blue primary wave 5 is likely under way
interesting facts: wave 3 equals approximately 4.236 times the length of wave 1 wave 4 has retraced approximately 50% of wave 3 it also ended near the lower line of the blue trend channel (connecting end of wave 1, 2 &3 to draw) Note wave 4 could take a more complex formation such as triangle (very common structure for wave 4), but it probably won't stop...