Overview: on the update I published on Jan. 26th, I had the following idea:
Update: in this update, I am going to make my alternative count to be my primary one, meaning that the bottom is in. I think the low of 13th Oct. 2022 was the bottom for the whole correction and so far we have completed wave 1 of (C). Wave 2 has been developing as a flat since 13th Dec. 2022, with leg a being complete and wave b at its final stages of development. Note that the alternative count (it has low probability and the structure does not support that idea) is that we are still in wave b of Z of (B) and new lows will come later this year.
On the hourly chart, I think wave b of 2 is developing as a triple zigzag.
- No change the overall count on the daily chart, but this price action has increased the possibility of alternative counts.
- I still believe that this bear market is NOT OVER, but it is not impossible that we have bottomed.
- Either case, the market is due for a pullback; the extent and structure of that pullback is very helpful.
Update: in this update, I am going to make my alternative count to be my primary one, meaning that the bottom is in. I think the low of 13th Oct. 2022 was the bottom for the whole correction and so far we have completed wave 1 of (C). Wave 2 has been developing as a flat since 13th Dec. 2022, with leg a being complete and wave b at its final stages of development. Note that the alternative count (it has low probability and the structure does not support that idea) is that we are still in wave b of Z of (B) and new lows will come later this year.
On the hourly chart, I think wave b of 2 is developing as a triple zigzag.
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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.