Overview: Let's go through the thinking process of this week:
We started this week with the expectation that we are in wave III of a of Z, but mentioned the probability of another count, where wave a of Z is actually complete and we should pullback as wave b of Z. On September 6th, I mentioned that: "Note that this structure is perfectly following our count expectations, but the timing of the waves is definitely not ideal. I am not going to change my count until I have to do so, i.e. invalidated."
Finally, on September 7th: "As we got suspicious of this count it was invalidated today. My alternative count is now becoming my primary count, where I see wave a of Z complete and right now we are in wave b of Z playing out as a flat. Right now, we are in wave III of (c) of b."
Update: Looking at the hourly chart, I think we have completed wave III of (c) of b and after a pullback as wave IV, we should push higher to complete wave b of zigzag, most probably on Tuesday morning.
Potential target for wave b peak? (4120-4150)
1) Retracement of wave a: 4115.5, 4152, and 4165
2) Volume profile of wave a: definitely the VPOC at ~4139 is the most important point to watch.
3) Support/resistance levels: 4119, and 4151.25
We started this week with the expectation that we are in wave III of a of Z, but mentioned the probability of another count, where wave a of Z is actually complete and we should pullback as wave b of Z. On September 6th, I mentioned that: "Note that this structure is perfectly following our count expectations, but the timing of the waves is definitely not ideal. I am not going to change my count until I have to do so, i.e. invalidated."
Finally, on September 7th: "As we got suspicious of this count it was invalidated today. My alternative count is now becoming my primary count, where I see wave a of Z complete and right now we are in wave b of Z playing out as a flat. Right now, we are in wave III of (c) of b."
Update: Looking at the hourly chart, I think we have completed wave III of (c) of b and after a pullback as wave IV, we should push higher to complete wave b of zigzag, most probably on Tuesday morning.
Potential target for wave b peak? (4120-4150)
1) Retracement of wave a: 4115.5, 4152, and 4165
2) Volume profile of wave a: definitely the VPOC at ~4139 is the most important point to watch.
3) Support/resistance levels: 4119, and 4151.25
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.