Wave count from beginning of 2020 shown from a daily perspective. A higher high here would signal the beginnings of a bullish market from the lows, and would still be able to conform to an ABC correction wave. Could even see the B wave becoming a H&S after a retest of 20.
Convincing 1-5 wave from the bottom. Profit taking already seen slightly lower, there is selling pressure in the current key area. The B wave could be a quick move. Also look for the potential retest of the top which previously occurred twice from this area, but this is less likely than a quick dip as we have had a substantial rally - more likely to see a swift profit taking move rather than a retest for continued selling. Below 20, we would be aiming to see a retest of 18.3 and bottom, as support.
18.3 would be ~0.618 retracement of 1-5 if wave 5 were to complete around here.
Convincing 1-5 wave from the bottom. Profit taking already seen slightly lower, there is selling pressure in the current key area. The B wave could be a quick move. Also look for the potential retest of the top which previously occurred twice from this area, but this is less likely than a quick dip as we have had a substantial rally - more likely to see a swift profit taking move rather than a retest for continued selling. Below 20, we would be aiming to see a retest of 18.3 and bottom, as support.
18.3 would be ~0.618 retracement of 1-5 if wave 5 were to complete around here.