seems like CNX AUTO is making triple correction WXYXZ from covid low's.
Triple Correction form:
wave W =Diametric
wave Y =Zigzag
wave Z =Flat
Current count:
Right now as per this labeling we are wave Z(third correction) of which wave A is done and wave has taken a form of diametric correction.With in this wave B diametric we are in wave G meaning wave C is yet to be formed,considering wave Z as a flat correction we will be seeing an impulse or terminal impulse formation in coming days once prices breaks 10470 on the upside in tomorrow's trading session which would mark the end of wave G and start of wave C of higher degree.If we fail to surpass 10470 in tomorrow's trading session then it wud mean wave G is still in action and price can again re-test previous swing low of 9720.Bear in mind we are yet to have wave C on the upside,hence until we dont see faster retracement in price to prior swing low's(9720), any fall near to 9720 is buying opportunity provided other trade setup criteria of reversal candle and follow through in next session along with momentum divergence is seen.
1:1 extention target for wave C is coming @ 11000.
Triple Correction form:
wave W =Diametric
wave Y =Zigzag
wave Z =Flat
Current count:
Right now as per this labeling we are wave Z(third correction) of which wave A is done and wave has taken a form of diametric correction.With in this wave B diametric we are in wave G meaning wave C is yet to be formed,considering wave Z as a flat correction we will be seeing an impulse or terminal impulse formation in coming days once prices breaks 10470 on the upside in tomorrow's trading session which would mark the end of wave G and start of wave C of higher degree.If we fail to surpass 10470 in tomorrow's trading session then it wud mean wave G is still in action and price can again re-test previous swing low of 9720.Bear in mind we are yet to have wave C on the upside,hence until we dont see faster retracement in price to prior swing low's(9720), any fall near to 9720 is buying opportunity provided other trade setup criteria of reversal candle and follow through in next session along with momentum divergence is seen.
1:1 extention target for wave C is coming @ 11000.