Analysis:
Long term - This is could very much a wave four (correction), going into a wave five impulse wave to the downside. We are heading into at least a mild recession, this isn't too far-fetched ie fed minutes.
Short Term (1M,15M, and 1H), Will very much most likely see a very bullish rally to the upside. But this may be short-lived as we appear to be in a corrective wave within a much larger downtrend move.
Caveat: Wave four may not be finished, and there is a chance can potentially pull back to the wave one resistance line (38%). However weekly engulfing candle creates a stronger bearish case overall.
Long term - This is could very much a wave four (correction), going into a wave five impulse wave to the downside. We are heading into at least a mild recession, this isn't too far-fetched ie fed minutes.
Short Term (1M,15M, and 1H), Will very much most likely see a very bullish rally to the upside. But this may be short-lived as we appear to be in a corrective wave within a much larger downtrend move.
Caveat: Wave four may not be finished, and there is a chance can potentially pull back to the wave one resistance line (38%). However weekly engulfing candle creates a stronger bearish case overall.
