Overview: this structure is definitely very unusual and tricky to count. Let's review the expectations of yesterday:
Update: Following the publication of yesterday's idea, we made a higher high to complete the zigzag in wave (II) as predicted. I was expecting a double zigzag to develop as wave (II), however, it did not and based on the price action of today, I think the most probable scenario is that we are developing a flat as wave (II). I am still considering the same range for wave (II) peak.
Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II).
- The price action followed our expectations nicely, except that I made a call for wave (I) bottom a bit early.
- Looking at the hourly chart, I believe we have almost completed a zigzag in wave (II) so far.
- Can it be all that wave (II) had to offer? yes, it is possible, but I don't think its the case, mostly because it has been a very shallow pullback as a wave (II).
- As a result, I am expecting a second zigzag (y) to develop tomorrow and on Wednesday before FOMC.
- I have the same range of 3960-3986.25 for wave (II) peak.
Update: Following the publication of yesterday's idea, we made a higher high to complete the zigzag in wave (II) as predicted. I was expecting a double zigzag to develop as wave (II), however, it did not and based on the price action of today, I think the most probable scenario is that we are developing a flat as wave (II). I am still considering the same range for wave (II) peak.
Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II).
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.