I have updated the chart to show wave iii @ 8421.49. it wasn't a triangle!
Wave iv is nearing completion as it approaches the upper channel. wave four typically retraces 38.2% to 50% of wave three (~9035). that level is where C = A x 1.618 (a good level to end iv). the upper channel should contain the price action
Wave iv is nearing completion as it approaches the upper channel. wave four typically retraces 38.2% to 50% of wave three (~9035). that level is where C = A x 1.618 (a good level to end iv). the upper channel should contain the price action
Commentaire:
the price action brokeout of the channel, but that had no effect on the wave count so far. once the market takes out the 10501 level (wave (D)) it will indicate circle 5 underway. in the meantime, im expecting a drop to ~7900