Overview: this structure is definitely very unusual and tricky to count. Let's review the expectations of yesterday:
Update: Following the publication of yesterday's idea, we made a higher high to complete the zigzag in wave (II) as predicted. I was expecting a double zigzag to develop as wave (II), however, it did not and based on the price action of today, I think the most probable scenario is that we are developing a flat as wave (II). I am still considering the same range for wave (II) peak.
Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II).
- The price action followed our expectations nicely, except that I made a call for wave (I) bottom a bit early.
- Looking at the hourly chart, I believe we have almost completed a zigzag in wave (II) so far.
- Can it be all that wave (II) had to offer? yes, it is possible, but I don't think its the case, mostly because it has been a very shallow pullback as a wave (II).
- As a result, I am expecting a second zigzag (y) to develop tomorrow and on Wednesday before FOMC.
- I have the same range of 3960-3986.25 for wave (II) peak.
Update: Following the publication of yesterday's idea, we made a higher high to complete the zigzag in wave (II) as predicted. I was expecting a double zigzag to develop as wave (II), however, it did not and based on the price action of today, I think the most probable scenario is that we are developing a flat as wave (II). I am still considering the same range for wave (II) peak.
Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II).
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.