The bearish downward trending channel in dark grey has been respected throughout this correction. The top of the channel has been a hard resistance for the upward move. When looking at the 1 hr and 4 hr charts a wave pattern is seen that appears to be the WXYXZ formation. Each wave is made up of complex 3 or 5 wave moves. The WXY AND X waves are now complete.
Bearish:If this begins to move back down into the channel we are probably looking at a 3 or 5 wave move downward that will extend to the bottom of the channel or to the purple trend line (that is formed off of bottoms extending back 3-4 yrs). That will resist the 9000 or lower range.
Bullish: if this breaks out of the down trending channel and extends upward we are breaking the WXYXZ corrective. Instead it becomes an ABC corrective with a new bull impulse . The X Leg actually becomes waves 1,2, and 3 of the new bull impulse.
More probable to see correction in channel. Waiting to see reaction at top of channel.
Bearish:If this begins to move back down into the channel we are probably looking at a 3 or 5 wave move downward that will extend to the bottom of the channel or to the purple trend line (that is formed off of bottoms extending back 3-4 yrs). That will resist the 9000 or lower range.
Bullish: if this breaks out of the down trending channel and extends upward we are breaking the WXYXZ corrective. Instead it becomes an ABC corrective with a new bull impulse . The X Leg actually becomes waves 1,2, and 3 of the new bull impulse.
More probable to see correction in channel. Waiting to see reaction at top of channel.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.