See Previous update here.
A Flat a-b-c correction for wave (4) alternates nicely with the sharper and deeper wave (2). Wave (4) has done enough to count as completed, and if so, we should now see a move to 1440 or 1510 in wave (5). Clearing potential resistance levels at 1375, 1390 and 1400 provides increasing confidence in this scenario. Wave (4) may also evolve into a more complex correction so we will keep an eye out for that.
An alternate count is presented for the bears. It calls for a weak corrective bounce followed by an impulsive break below recent lows. However, I wouldn’t bet on it in the face of any rise above 1400.
No comments:
Post a Comment