I was away since Jan 16th and could not publish any updates to my counts.
The price action of January 2023 has been the trickiest part of the current bear market to count in my opinion. I am not going to change the overall count on the daily chart, although 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. Even in that case, the market is due for a pullback and the extent and structure of that pullback is very helpful.
On the daily chart, I believe that we are in wave (II) of c of Z of (B), with the possibility that we have already peaked for wave (II). We are also at the bear market trendline that everybody is talking about and should act as a resistance.
The price action of January 2023 has been the trickiest part of the current bear market to count in my opinion. I am not going to change the overall count on the daily chart, although 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. Even in that case, the market is due for a pullback and the extent and structure of that pullback is very helpful.
On the daily chart, I believe that we are in wave (II) of c of Z of (B), with the possibility that we have already peaked for wave (II). We are also at the bear market trendline that everybody is talking about and should act as a resistance.
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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.