Change in Counts
on 13 aug price entered the first wave territory by breaking the brown line that i drew on the chart and invalidated my count as i interpreted this as wave 5.
so now i recount these movements as a combined correction where we have a flat as wave W and a zigzag as a X wave and may be finally a triangle as wave Y.
so what now?
now i think we are still in the correction phase and there is no evidence that we have started a new impulse wave down. but if i suppose to give you an edge i would say:
Bearish scenario: if we break the major green trend line you should consider to be bearish.
Bullish scenario: you should wait to price to consume time and form wave Y and then after that Long the market.
so do nothing right now!
so now i recount these movements as a combined correction where we have a flat as wave W and a zigzag as a X wave and may be finally a triangle as wave Y.
so what now?
now i think we are still in the correction phase and there is no evidence that we have started a new impulse wave down. but if i suppose to give you an edge i would say:
Bearish scenario: if we break the major green trend line you should consider to be bearish.
Bullish scenario: you should wait to price to consume time and form wave Y and then after that Long the market.
so do nothing right now!
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