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:
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.