1/ Is the update from yesterdays main count. Here wave B is counted as an expanded wave. The decline looks impulsive from a distance, but on a 1 min chart it looks much more corrective. If the high is broken, an expanded wave B becomes very questionable.
2/ The low at 1.3094 is the wave A low. Wave B possibly not complete yet. Maybe this would explain all the corrective waves.
3/ This is yesterdays alternate count, where the big wave B is complete. Problem here is that the rally looks like 5 waves up, but internally looks much more corrective than impulsive. If you count the wave 2 correction as a failed correction you could count it as an impulsive wave.
There could be some other counts, but remember i think we are near a wave B low on a bigger scale, so be carefull when you short for if i'm correct, risk to a rally is a bit bigger than to a decline.
Jeremy,
ReplyDeleteIt seems that the first scenario is the closest in line with the latest price action.
You've done it again! Congratulations!
In terms of price target for the wave C of Y (down) I will not be surprised to reach 1.2970 for a double bottom; the 1.628 projection (1.3358-1.3133-1.3201) comes to 1.2975
For an effective bull trap we should get an expanded flat at a larger degree.
Thanks and regards,
Catalin
Catalin,
ReplyDeleteI'm not sure that the first scenario is the correct one yet... Price will have to keep going lower and fast. There's a 1h hammer now so further downside may be find support. 1.3200 - 1.3115 looks more like 3 waves. Could mean an ending diagonal is coming, or that instead of c we'll get another y wave, we'll see.
Good luck,
Jeremy