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Potential Turning Point

The pink wave {i} to {v} suggests a trend reversal is under way, expecting either a three wave reversal sequence at the same degree or one degree higher.
alternatively, the pink wave {iv} & {v} are only parts of a running flat wave {iv}, one more wave {v} decline is still possible (but not necessary).

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still bullish

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close above 106.64 would be an early sign of larger degree bullish rally is underway

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big picture

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i actually prefer 12 plus lower degree 12 OR 123 with extended wave 5 for the upside

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it seems another lower degree wave c decline is underway (or bearish 3)
close below key support would favor bearish case

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a flat wave b?

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the minimum requirement for a reversal is met, a lower degree impulse decline followed by corrective 3 waves would support this bearish count

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short-term bearish target to re-test wave a low at 108.646

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or 108.543

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short-term alter count

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let's review the larger structure in 4 hours chart
expanded flat correction is less likely to happen but it is still possible
preferred count in blue

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also be aware that a potential diagonal to finish blue wave v circle

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almost there?

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break below 110.454 would activate the red count

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plus larger degree buying opportunity if we can confirm the end of wave 2 or B

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either way

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İşlem aktif

had few long positions with stops just 1 tick below the recent low of 108.112
may move my stops to breakeven if the current rally continues

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could be a sharp double zigzag for wave {ii}, no immediate bullish signal for the short-term

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double zigzag (w)-(x)-(y) is likely to happen, maybe re-test 61.8% Fibo retracement level

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combination (w)-(x)-(y) is also possible

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close above wave (x) high would argue the correction has finished

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buying opportunities may arise again after a bullish flag or other sideways corrective patterns

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a quick review of the larger structure, my preferred count expects another impulsive rally, but red {i}&{ii} could also be labeled as (a) & (b) of a {b} wave, where {b} wave could be a flat or triangle

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bullish count in blue or red

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break above 110.757 could signal more bullish potential

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pink diagonal C OR blue impulse C or 3 OR grey complex B

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blue wave C or 3 is under way

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RSI is making higher highs, this is a strong sign of the bullish trend

short-term bullish targets
113.211 if blue wave (iii) = 1.618 * blue wave (i)
113.884 if blue wave {iii} = 1.618 * blue wave {i}

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possible short-term wave count

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break below blue wave {i} high at 110.904 would argue a different wave count, e.g. red double zigzag W-X-Y

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ready for sell setup ?

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current price pattern looks bearish to me

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We could have red i-ii + green {i}-{ii} count OR a pink diagonal i follow by ii

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late stage of wave (c)

wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

Email：info@ewc.space

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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.

wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

Email：info@ewc.space

Aynı zamanda::