Overview: Let's go through the thinking process of this week:
We started this week with the expectation that we are in wave III of a of Z, but mentioned the probability of another count, where wave a of Z is actually complete and we should pullback as wave b of Z. On September 6th, I mentioned that: "Note that this structure is perfectly following our count expectations, but the timing of the waves is definitely not ideal. I am not going to change my count until I have to do so, i.e. invalidated."
Finally, on September 7th: "As we got suspicious of this count it was invalidated today. My alternative count is now becoming my primary count, where I see wave a of Z complete and right now we are in wave b of Z playing out as a flat. Right now, we are in wave III of (c) of b."
Update: Looking at the hourly chart, I think we have completed wave III of (c) of b and after a pullback as wave IV, we should push higher to complete wave b of zigzag, most probably on Tuesday morning.
Potential target for wave b peak? (4120-4150)
1) Retracement of wave a: 4115.5, 4152, and 4165
2) Volume profile of wave a: definitely the VPOC at ~4139 is the most important point to watch.
3) Support/resistance levels: 4119, and 4151.25
We started this week with the expectation that we are in wave III of a of Z, but mentioned the probability of another count, where wave a of Z is actually complete and we should pullback as wave b of Z. On September 6th, I mentioned that: "Note that this structure is perfectly following our count expectations, but the timing of the waves is definitely not ideal. I am not going to change my count until I have to do so, i.e. invalidated."
Finally, on September 7th: "As we got suspicious of this count it was invalidated today. My alternative count is now becoming my primary count, where I see wave a of Z complete and right now we are in wave b of Z playing out as a flat. Right now, we are in wave III of (c) of b."
Update: Looking at the hourly chart, I think we have completed wave III of (c) of b and after a pullback as wave IV, we should push higher to complete wave b of zigzag, most probably on Tuesday morning.
Potential target for wave b peak? (4120-4150)
1) Retracement of wave a: 4115.5, 4152, and 4165
2) Volume profile of wave a: definitely the VPOC at ~4139 is the most important point to watch.
3) Support/resistance levels: 4119, and 4151.25
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.