Correction before we go up? Or no correction?

19 Apr 2018

I have 2 possible bullish scenarios.

The first case, as described in the left chart, is considering on going wave as sub wave B which means we have sub wave C coming. For this case we should expect price to drop to $7,500~$7,700. Assuming that it will drop down to 0.382 fib level of wave 3, we can expect out wave 5 to reach $8,800~$9,200 afterwards.

The second case in right chart, is considering on going wave as sub wave 1 of wave 5 after the correction (wave 4) is done. In this case we can expect more bullish momentum. Probability around $8,900~$9,600 seems like a viable target. However, I have few doubts for this scenario. First, the first impulsive wave does seem unnatural. Also, the fact the wave 4 has retraced at an awkward ratio of wave 3 and thus I am putting more weights on the first case.

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19 Apr 2018

Nota

If we fail to support $7,800, my primary count becomes validated and on the other hand, if we break $8,450, secondary count becomes validated.