Morning Update: Wave 4 of c of C of Larger 4 underway
When confirming bottoms, practitioners of EWP should look for patterns that are impulsive in nature that trade above key resistance areas. As of now I have no reason to think we have bottomed. This structure looks like it's needs a proper micro wave 4 and 5 to complete. This whole decline appears to be an extended 3rd wave.
My alternative is we have bottomed and we're now headed higher. It is possible that 4 was abbreviated and the $60 low was wave 5 to complete. For that alternative view-point to become primary we nee to see a clear 5 wave structure that trades above $87.45 initially...then ultimately $111 before retracing in a corrective manner.
For now we await clues and remain open minded to what price will tell us this week.
Important: I would encourage my followers to check out the daily chart here: https://www.tradingview.com/chart/pudKI0gN/
trading or scalping needs to be put into perspective given the possibility of what comes next. To each his/her own.
Best to All,
Chris
My alternative is we have bottomed and we're now headed higher. It is possible that 4 was abbreviated and the $60 low was wave 5 to complete. For that alternative view-point to become primary we nee to see a clear 5 wave structure that trades above $87.45 initially...then ultimately $111 before retracing in a corrective manner.
For now we await clues and remain open minded to what price will tell us this week.
Important: I would encourage my followers to check out the daily chart here: https://www.tradingview.com/chart/pudKI0gN/
trading or scalping needs to be put into perspective given the possibility of what comes next. To each his/her own.
Best to All,
Chris
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