We are currently in the final C wave look for shorts between 113-127 fibs. Place ur stops above 127.
The C wave completes a bigger 3 wave structure before starting a larger final 5th wave down. People have been discussing the possibility that it is a triangle but the most recent price action may have confirmed it is not.
For now, observe. The downmove will be big. The hint that it is a flat is that the B wave ended near the start of A. Furthermore, the current price action is indicating a final 5 wave pattern. Especially the price rejection at the smaller "4th" is hinting on that.
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There is a possibility that it might just pullback to the top of the "bigger" number 1. In that case you will still be able to take profit / put stops at BE.
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Looked back at it, its breaking down. Will be interesting to see if we will bounce here to a new high. The possibility of a bounce to a new high is based on this assumption >> tradingview.com/x/xp5sxWLW/. We are just making a flat with the B-wave closing slightly above A. C wave invalid if we go below the 27 fib. >> I'm just hoping this will happen but without an invalidation of the triangle this probability is small.
I was totally wrong on the Triangle being invalidated, it had to break above 0.78362 which was the price point here where I believed the triangle count began. So basically we are still in the 3-3-3-3-3.