Possible intermediate wave 5.
Updated
Incoming wave 5 of intermediate with a minimum target of 95, but hoping for over 100. Waiting for a break of the top side of the pennant, within wave 4, to initiate trade.
Comment
Hourly view. Must break pennant to the upside.Comment
Trade filled at 85.21.Comment
Fierce selling pressure at previous high; although, I'm fairly confident of the wave count. Also, as wave 2 was a complex correction, wave for "should" be a simple ABC correction. Comment
Current corrective structure. A breakout to the upside of the channel might confirm wave 3 of a lesser degree. A breakout to the downside of the channel might confirm a wave 3 impulse that is likely wave C of the wave 4 corrective pattern on the intermediate or minor level. If that scenario plays out, the corrective structure of wave 4 would probably be a flat correction and the bottom of wave 4 would be in play.Comment
Comment
IMO price action on Friday confirms a continuation of the uptrend. Not a matter of "if", but "when".Comment
Current structure and wave count assumption (time not relevant, only an approximation of price level).Comment
I wasn't expecting the strength in the downside action - it can make one get nervous. I still believe this is a viable trade that will approach 100 even though, technically, my bottom target has been reached. A retracement of 38.2% on the minute wave hasn't been breached, and that is a fairly tame correction regardless of the aggressiveness of the price action. I am assuming at this point that what we are seeing here is an expanded flat correction and that wave 3 of the minute will follow bringing the price to new heights. GLTA.Comment
The wave count has changed. Damaging price action taking place. My new wave count still has the uptrend intact. A move below 85.33, which is what I am considering wave 1 (minor) of wave 5 (intermediate), will invalidate the whole wave count. If this happens then I will have to close my position.Disclaimer
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