Maximum target for Wave 5 is 2470.675 and Maximum target for entire wave is 2482.074
Price must overlap between these range.
September rate cut probability is 100% and price will in these days and no more big move after pricing in for September Cut.
All I see price is completing a Major 5th wave and each wave has 3 moves (abc)
An Ending Diagonal.
Price must overlap between these range.
September rate cut probability is 100% and price will in these days and no more big move after pricing in for September Cut.
All I see price is completing a Major 5th wave and each wave has 3 moves (abc)
An Ending Diagonal.
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An Ascending Channel
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As mentioned price is rejected from the maximum target of entire wave.
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If the 5th wave is completed then the recent fall was wave A of Zigzag Correction.
I4 hour chart there is 5 moves in A which is indicating a ZigZag Correction and the B wave of zigzag should not retrace more than 50%.
If it does then the wave count is invalid.
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Price is respecting the ascending channel.
If this channel is broken below, then we can expect a good correction towards any of these fibonacci level.
Remember 38.2% is the minimum target of this correction wheres 81.2% is the maximum.
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Probable wave A is done of Zig Zag correction and now price will make wave B where there will be three moves and price should not retrace more than 50%. If it does than the whole wave count will be invalid.
Remember price can show rejection from any of fibonacci level (23.60, 38.20, 50)
Formation of Zig Zag Correction is 5-3-5 (A-B-C)
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Already hit the minimum target for wave C.If price breaks the level of Wave B, then the correction is already completed and the current move is Wave 1 of the new impulse.
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I have mentioned the minimum and maximum range of this correction.
We are at the beginning of wave C which will be a downward impulse.
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Hourly Breakdown
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Only if ATH is broken...Note
No ATH so more drop aheadNote
Either this drop is a part of correction.
How I can see the waves are happening in hourly chart.
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I am expecting price to rise towards 2440-2460 zone then a strong fall.Note
Two scenarios are possible.Either the latest draft or the previous draft before the latest one.
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WXY = Double Correction
In W wave, there was an zigzag. After that price tried to make a new high but failed which is the Wave X.
Now price is forming a Flat Correction in Y wave.
This will not be a Y wave only if price breaks the level of X, then this will be third wave and the X will change into first wave.
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Are we preparing for a big fall???
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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.