Short

Bearish Count

By wsbza

Updated

looking for more downside potential

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price is moving close to the lower channel line, maybe it near the completion of pink wave 3

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wave 3 nearly done?

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preferred micro count in blue, alternative count in white

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no change on overall structure

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I guess the next key level to watch is 89.62

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could be another new low to complete pink wave 5

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wave {5} of 5 at its later stage or has already bottomed

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micro count

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possible micro count

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re-test the end of wave 4 at 95.15 ?

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the short-term pattern does not support immediate bullish outlook
bullish wave 2 could be unfolded as an expanded flat
A decisive push above the recent high of 90.93 would suggest wave 3 is under way

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it's possible that bluish wave 2 bottomed at 89.41

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short-term bullish count

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we could assume i-ii & lower degree i-ii for the upside but wave (iv) could also be unfolded as a 3-3-5 flat

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break below 93.12 ( the end of black wave ii) would favor the pink a-b-c flat scenario

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immediate push above 93.73 would suggest the decline is in 3 wave then we may say this decline could be just a lower degree correction

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possible corrective structure for blue wave iv circle
red zigzag (a)-(b)-(c)
or pink double zigzag (w)-(x)-(y)
or complex (b) or (x) wave (e.g. flat) of a zigzag, etc ...

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also a 3-3-5 flat to form the blue wave {iv} is still possible

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immediate break above 95.53 would eliminate triangle scenario

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short-term alt count in grey

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we could have
a red ending diagonal for wave {v} or
a green triangle for wave {iv} or
a grey flat for wave (ii) of {v}

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double zigzag (w)-(x)-(y) to complete wave {b} is still possible, but unlikely to happen

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If we label (w)-(x) as (i)-(ii) of wave {iii}, the end of wave (x) could be viewed as a critical support level for bulls.

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my best guess so far
wave {i} of C is a double zigzag

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alternative count: sub wave {iii} is a triple zigzag

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primary count: sub wave {iii} is a double zigzag

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like a candle in the wind

wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

Email：info@ewc.space

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