Zooming in to the hourly chart, the (presumed) C wave looks to be in the final stages. The previously pointed impulsive decline was entirely retraced so it is very likely that it was part of (yet another) flat correction, which was likely a 4th wave.
So now we appear to be in the last 5th wave of the mentioned C wave. The big question now is if the 5th is already finished or if it still needs another wave (and a new high) to finish. We will likely find out on Monday already, since if the 1941 level is broken, that would likely mean the 5th is done, since that would overlap wave 1. There is an outside chance that even if we overlap wave 1, that is part of a bull nest (so a series of 1-2) - that will be invalidated only below 1922, but I view that as low odds.
The importance of how the market behaves near term is highlighted also by the cycle study from mcm:
mcm-ct.com/blog/mcm-...r-week-29-feb-6-mar/
Good luck to your trades!
So now we appear to be in the last 5th wave of the mentioned C wave. The big question now is if the 5th is already finished or if it still needs another wave (and a new high) to finish. We will likely find out on Monday already, since if the 1941 level is broken, that would likely mean the 5th is done, since that would overlap wave 1. There is an outside chance that even if we overlap wave 1, that is part of a bull nest (so a series of 1-2) - that will be invalidated only below 1922, but I view that as low odds.
The importance of how the market behaves near term is highlighted also by the cycle study from mcm:
mcm-ct.com/blog/mcm-...r-week-29-feb-6-mar/
Good luck to your trades!
