The failure of Wave 5 to break through 1.00 was surprising. Initially I had considered plotting that as Wave 3, but this move down is to deep now for a Wave 4, which in turn makes this an ABC correction.
The price bounced nicely off the 0.382 fib of Primary Wave 1 at 0.77, which is also the HA Monthly Pivot Point. There is a possibility, as is custom for Wave C, to go even lower, which I could see targeting 0.685 which is the Monthly Pivot Point. However, with the end of the month so close, those Pivot Points are less and less relevant.
I have adjusted the chart with the new counts, and projected the next Intermediate Wave Series out, along with Primary Wave 3. This is all based on Primary Wave 1, and will adjust over time as the Intermediate Wave count completes. Any news can cause significant Wave extensions, so be ready for that.
As always, you can follow me on Twitter @ExsiliumI for more up-to-date information and PA updates.
The price bounced nicely off the 0.382 fib of Primary Wave 1 at 0.77, which is also the HA Monthly Pivot Point. There is a possibility, as is custom for Wave C, to go even lower, which I could see targeting 0.685 which is the Monthly Pivot Point. However, with the end of the month so close, those Pivot Points are less and less relevant.
I have adjusted the chart with the new counts, and projected the next Intermediate Wave Series out, along with Primary Wave 3. This is all based on Primary Wave 1, and will adjust over time as the Intermediate Wave count completes. Any news can cause significant Wave extensions, so be ready for that.
As always, you can follow me on Twitter @ExsiliumI for more up-to-date information and PA updates.
There is the beginnings of a bearish descending triangle forming. If it breaks down were looking at 0.685 as a target.
That said, I continue to see long open interest building and this would have to turn down before a break of the 0.76-77 level was broken.
While I dont see this as likely, I would be remiss if I did not inform those of you kind enough to consider my analysis that the possibility of further down movement was possible.