Hi traders,
The price action did what I outlined in the update to my last post. Now, I see us completing wave Y (second zigzag) soon, most probably by end of today. What comes next is another wave X and then the third zigzag, Z to the actual market bottom. The second zigzag Y was also formed in a nice downward channel.
4-hour view: As you can see, we have completed waves I, II, III, and IV of C of Y so far. Now, we are in wave b of V and the regular hour trading of today completes wave V:
Price targets for wave V bottom (around 3591): Lets look at 1-hour and 15-min charts: wave b of V is currently forming a bear flag. I believe it pushes up to around 3732 before c of V starts (3725.25 is the %50 retracement of a of V).
Lets use some fibs to come up with potential targets (not described in detail):
1. Relation between wave a and c of Y: 3573
2. Relation between wave V of C to waves I and III of C: 3596.25
3. Also, if we see the flag breakdown, we can come up with more accurate fibs, as they are lower timeframe wave structures.
The price action did what I outlined in the update to my last post. Now, I see us completing wave Y (second zigzag) soon, most probably by end of today. What comes next is another wave X and then the third zigzag, Z to the actual market bottom. The second zigzag Y was also formed in a nice downward channel.
4-hour view: As you can see, we have completed waves I, II, III, and IV of C of Y so far. Now, we are in wave b of V and the regular hour trading of today completes wave V:
Price targets for wave V bottom (around 3591): Lets look at 1-hour and 15-min charts: wave b of V is currently forming a bear flag. I believe it pushes up to around 3732 before c of V starts (3725.25 is the %50 retracement of a of V).
Lets use some fibs to come up with potential targets (not described in detail):
1. Relation between wave a and c of Y: 3573
2. Relation between wave V of C to waves I and III of C: 3596.25
3. Also, if we see the flag breakdown, we can come up with more accurate fibs, as they are lower timeframe wave structures.
Nota
Update: the structure is the same, just some further labeling was needed: 
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.