Possible head and shoulders forming on the weekly chart could signal more downside ahead.
This plays into a large corrective wave that started in November 2021, which still needs to form a wave-C of comparable size.
A new high above the wave-B top would negate this count.
This plays into a large corrective wave that started in November 2021, which still needs to form a wave-C of comparable size.
A new high above the wave-B top would negate this count.
Trade active
This week we have likely seen the start of wave 3 of C. If wave C ends up forming into an impulse, then the target for wave 3 is roughly 100 around October. If wave C forms into a terminal (ending diagonal), then the target for wave 3 will be lower than 162 (greater than 100% of wave 1).Note
Projected price action.
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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.