Overview: this is going to be a pretty extensive update. First, let's review our expectation on the updates of 22nd and 23rd August:
22nd August: "I believe today we completed wave 3 of c of (I) of a of Z and we have started the pullback for wave 4. Wave 2 of c was a deep double zigzag , which leads to the conclusion that this wave 4 should be a shallow triangle/ flat correction."
23rd August: "the 0.236 retracement of wave 3 was 4160 and wave 4 peak reached at 4161.75, meaning that wave 4 actually developed as a shallow double zigzag correction. Right now, we are in the process of completing wave 5 of c of (I). I consider the 4090.25-4105 range as the potential area for wave (I) bottom."
Update: I believe today we bottomed for wave (I). The low was 4110.75, which missed our target zone by a very small percentage.
Additional Notes:
1) I should note that wave 5 of c of (I) was very shallow considering the fib ratios, but the structure of wave (I) from high of August 16th shows a complete impulse and the fib ratio between waves a and c of (I) are satisfied.
2) Why I am not considering us in wave 4 of c of (I) developing as a flat? this is simply because I cannot see any impulsive 5-wave count for the wave structure developed from today's low, which should have been leg c of flat.
Looking at the 15-min chart, I believe wave (II) is developing as a double or triple zigzag, preferring a triple zigzag based on the target I have for wave (II). What is the target I am considering as wave (II) potential peak (~4220)?
1) Based on fib retracement of wave (I): 4200.5, 4219, and 4237.75.
2) On the hourly chart, we can see an inverse h&s, with a price target of around 4207.
3) Based on the volume profile of wave (I): We have a high volume node starting at 4220.
4) Support and resistance levels:
22nd August: "I believe today we completed wave 3 of c of (I) of a of Z and we have started the pullback for wave 4. Wave 2 of c was a deep double zigzag , which leads to the conclusion that this wave 4 should be a shallow triangle/ flat correction."
23rd August: "the 0.236 retracement of wave 3 was 4160 and wave 4 peak reached at 4161.75, meaning that wave 4 actually developed as a shallow double zigzag correction. Right now, we are in the process of completing wave 5 of c of (I). I consider the 4090.25-4105 range as the potential area for wave (I) bottom."
Update: I believe today we bottomed for wave (I). The low was 4110.75, which missed our target zone by a very small percentage.
Additional Notes:
1) I should note that wave 5 of c of (I) was very shallow considering the fib ratios, but the structure of wave (I) from high of August 16th shows a complete impulse and the fib ratio between waves a and c of (I) are satisfied.
2) Why I am not considering us in wave 4 of c of (I) developing as a flat? this is simply because I cannot see any impulsive 5-wave count for the wave structure developed from today's low, which should have been leg c of flat.
Looking at the 15-min chart, I believe wave (II) is developing as a double or triple zigzag, preferring a triple zigzag based on the target I have for wave (II). What is the target I am considering as wave (II) potential peak (~4220)?
1) Based on fib retracement of wave (I): 4200.5, 4219, and 4237.75.
2) On the hourly chart, we can see an inverse h&s, with a price target of around 4207.
3) Based on the volume profile of wave (I): We have a high volume node starting at 4220.
4) Support and resistance levels:
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