I've updated the chart and zoomed in on the 4 hour chart.
I added a new down channel in GREEN lines from the last top.
Trading looks like it is in an ABC correction with A and B possibly over with C Down starting.
The most BULLISH scenario would be if price fell back to the 38.6% Retracement line to complete C Down of 4 Down with wave 5 Up to come next.
The most BEARISH scenario would be that if the last high was the end of the wave up and the down trend continues from here.
So price action over the next few days will be critical in answering that question.
At some point, a short term high has or will occur and a correction of some type will take place...just like it is right now :)
Price never made it to the top of the channel so that is still waiting out there...calling out....come to me...and price will typically answer the call.
But the lower end of the channel hasn't even laid eyes on price for a long time now...price will eventually get homesick and make the trip to go say hello.
A simple resolution would to see the ABC play out and then wave 5 Up to complete this current wave.
Come back and click on the right arrow button to see what happened!
I added a new down channel in GREEN lines from the last top.
Trading looks like it is in an ABC correction with A and B possibly over with C Down starting.
The most BULLISH scenario would be if price fell back to the 38.6% Retracement line to complete C Down of 4 Down with wave 5 Up to come next.
The most BEARISH scenario would be that if the last high was the end of the wave up and the down trend continues from here.
So price action over the next few days will be critical in answering that question.
At some point, a short term high has or will occur and a correction of some type will take place...just like it is right now :)
Price never made it to the top of the channel so that is still waiting out there...calling out....come to me...and price will typically answer the call.
But the lower end of the channel hasn't even laid eyes on price for a long time now...price will eventually get homesick and make the trip to go say hello.
A simple resolution would to see the ABC play out and then wave 5 Up to complete this current wave.
Come back and click on the right arrow button to see what happened!
