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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.