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wave (4) is under way ?

Theo wsbza

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my target area is near the lower yellow dash channel line

Ghi chú

short-term target for wave iii or c

Ghi chú

idealised possible wave (4) patterns

Ghi chú

flat c or running triangle c ?

Ghi chú

5880 is the level to keep bull alive, preferred count in white, alter in yellow

Ghi chú

possible ending diagonal for alter count

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look at the big picture again

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the ending diagonal chart might work, took a small short with tight stop

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still going

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Giao dịch đang hoạt động

took a short with a stop against recent high

Ghi chú

could be a very small degree c wave, also could be the start of a much larger degree decline

Ghi chú

Since we have an extended wave 3, I would expect a shallow wave 4 pull back, possibly around 23.6% of wave 3 at 6362, this is also near the end of wave (iv) of blue wave {5} of yellow wave 3.
An immediate push above the recent high of 7036 would probably argue the extended wave 3 is still unfolding.

Ghi chú

looks like a 5-waves decline is at its later stage
If this 5-waves is A then we should expect a B wave rally
if this 5-waves is a larger degree 1) then we should also expect wave 2) bounce

took some profit and moved my stop to breakeven for the remaining positions
A corrective rally may offer more chances to dance with bears

Ghi chú

yellow count suggests another modest push to complete wave v of (c) of {b}
pink count suggests (w)-(x)-(y) for {b} is done

the key level is 6937, a sharp decline below this would signal further downside potential

Ghi chú

if it turns out to be a triangle wave 4, we can assume the wave count like this

Ghi chú

potential reversal to the upside

Giao dịch đang hoạt động

short-term buy for the upside

Ghi chú

we still cannot rule out the possibility of another wave c decline in the short-term
protective stop to break-even point

Ghi chú

I am still inclined towards a triangle wave 4

Giao dịch được đóng thủ công

Ghi chú

structural support at 6292

Ghi chú

break above 7005 would suggest bullish {i }-{ii}-(i )(ii) scenario

Ghi chú

big picture

Ghi chú

we can raise our key support to blue wave (ii) low at 6819

Ghi chú

raise key support level to wave (i) high at 7005 as blue wave (iv) correction (if happens) should not breach this level
short-term blue wave (iii) target at 7579 which is the 1.618 extension level

also note grey wave iii has traveled 2.618 times the length of grey wave i

ALTERNATIVE Count
- blue wave (i) = red wave {iii}, blue wave (ii) = red wave {iv}
- blue wave (i) = wave c of red wave {i} of an ending diagonal
- blue wave (i) = wave w of red wave {i} of an ending diagonal

Ghi chú

The short-term pattern remains bullish
recent decline from 7227 to 7071 was in 3 waves, looks like wave iv of (iii) is in place, or at least sub wave a of iv of (iii) is done

note
- wave iv has retraced within 38%-50% range
- price briefly touched i-ii-iii trend channel then it bounced impulsively
- we can also use ii-iii-iv trend channel to project the end of wave v of (iii)

Ghi chú

is wave 5 in place?
Bullish count in blue
Bearish count in red

Ghi chú

I am inclined towards this bullish count

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alt count if wave 4 is not a triangle

Ghi chú

wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

Email：info@ewc.space

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Bài đăng liên quan

potential short-term bearish structure

bởi wsbza

is wave 5 of (3) at it's late stage ?

bởi wsbza

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