Overview: let's review the expectations on the previous update:
Update: we made a higher high to invalidate the idea that wave (I) peak is in, but I warned about the fact that as long as the ascending trendline on the hourly chart is holding, the wave (I) peak is not confirmed. Now, we have more evidence to back up the idea that wave (I) peak has formed: we formed a shooting star on Friday Dec. 9th at the channel top.
You can see that we are in the very early stages of developing wave (II), so it cannot help us in confirming the idea of wave (I) peak being in or proposing a structure or timeframe for wave (II).
For now, I have shown the most probable path to follow with very little evidence:
- The high made on Dec. 1st was the peak of wave (I).
- We are in the early stages of developing wave (II).
- I will wait for more price action to develop to propose a structure for wave (II) and currently, the best confirmation is the breakdown through the ascending trendline.
Update: we made a higher high to invalidate the idea that wave (I) peak is in, but I warned about the fact that as long as the ascending trendline on the hourly chart is holding, the wave (I) peak is not confirmed. Now, we have more evidence to back up the idea that wave (I) peak has formed: we formed a shooting star on Friday Dec. 9th at the channel top.
You can see that we are in the very early stages of developing wave (II), so it cannot help us in confirming the idea of wave (I) peak being in or proposing a structure or timeframe for wave (II).
For now, I have shown the most probable path to follow with very little evidence:
