Overview: in the previous update, we had the idea that we are in wave c of (III) of c of Z of (B), but mentioned that the alternative scenario of being in wave b of Z of (B) is equally valid.
Update: based on the price action I am now favoring the alternative count as my primary. The bearish move of August 16th to Oct. 13th is considered as leg a of Z and we are now in wave b of Z. Looking into the hourly chart, wave b of Z can be a double or triple zigzag.
Potential targets for wave b peak? (~3980)
1. If we consider the retracement of wave a of Z, we have these targets: 3914.75, 3985.75, and 4012.25!
2. Based on the volume profile of wave a of Z, we have 3980.5 as the VPOC.
Update: based on the price action I am now favoring the alternative count as my primary. The bearish move of August 16th to Oct. 13th is considered as leg a of Z and we are now in wave b of Z. Looking into the hourly chart, wave b of Z can be a double or triple zigzag.
Potential targets for wave b peak? (~3980)
1. If we consider the retracement of wave a of Z, we have these targets: 3914.75, 3985.75, and 4012.25!
2. Based on the volume profile of wave a of Z, we have 3980.5 as the VPOC.
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