Here's another iteration of EW count on hourly chart. If compared with the previous analysis, both share same similarity; they are converging into a triangle (a compression to be precise). If either one holds true, it is a clear indication that wave (4) is definitely going to end.
Assuming price resumes from previous close, market is expected to move upwards but limited; capped by the new confluence area (2268 - 2277) and is bound by the upper channel. Date range is used to better gauge the extreme high market could go before it starts descending. If the compression is actually taking place and it is to be completed within 2 days (12 bars), the maximum price would be 2290.
Any solid price movement crossing 2290 - 2300 area will require a recount.
Assuming price resumes from previous close, market is expected to move upwards but limited; capped by the new confluence area (2268 - 2277) and is bound by the upper channel. Date range is used to better gauge the extreme high market could go before it starts descending. If the compression is actually taking place and it is to be completed within 2 days (12 bars), the maximum price would be 2290.
Any solid price movement crossing 2290 - 2300 area will require a recount.
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