Short

Bearish Count

Updated

The previous post is getting too long, so I am starting a new post here.

A solid close below 112.042 (the end of wave iv of (c)) would suggest wave (c) has completed.

Alternatively, break above 113.176 would argue something else has been developing.

Note

Note

maybe a diagonal is the last piece of the jigsaw

Note

Since 113.176 has been broken, we have to adopt different wave counts
e.g. triple zigzag (W)-(X)-(Y)-(X)-(Z)

or zigzag (A)-(B)-(C) , where wave (B) is a triangle

Note

looks bearish

Note

the short-term rally is very sharp, so another wave up to complete a larger corrective pattern is still possible.

Note

either way

Note

If wave {c] equals 1.618 times the length of wave {a}, it could reach 113.416 (close to 61.8% retracement level)
If wave {c} ends beyond the end of wave {a} by 0.618 times the length of wave {a}, it could reach 113.665 (close to 70.7% retracement level)

Note

not quite sure about the short-term structure, but could be a diagonal wave {c} in the making

Note

we probably need a sharp fall to valid this diagonal count, an immediate drop below 113.601 would be an ideal initial bearish signal

Note

trendline breakout

Note

short-term bearish count

Note

Sell after breakout

Note

possible long term count

Note

I think either red or green counts are more likely to happen

Note

3 wave rally?

Note

if a bullish flag appears then breakout buy

Note

possible count within larger time frame

Note

drop below 110.162 would eliminate the bullish count in pink

Note

Either Double Zigzag

OR
Triple Zigzag

Note

a triangle in the making?

Note

a flat to complete wave {b} of Y?

Note

double zigzag for red wave {b}?

Note

if the current rally is wave (E) of triangle {B}, price should not go beyond the end of wave (C) of {B} at 114.55

Note

possible short-term count

Note

possible short-term count

Note

possible targets for blue wave {c}
- 112.959 where wave {c} = wave {a}
- 114.267 where wave {c} = 1.618 wave {c}

Note
equality in length between wave {a} of W and wave {c} of W

Note

buy after breakout

Note

other possible count

Note

the first chart assumes green w-x-y could complete wave (ii)

Note

both scenarios in one chart

Note

an expanded flat for wave (ii)?

Note

or a bullish count

Note

the recent decline is very sharp, maybe we are still in the middle of wave X instead of Y

Note

the recent rally looks corrective, I guess we could use the following count to interpret the structure

Note

It could be more bearish if wave (E) has ended at 112.4 (25 April 2019)

check previous chart on 12 Feb 2019

Note

or (1)-(2) = {a}-{b} ( see charts posted on 26 May)

Note

wsbza

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

Email：info@ewc.space

Also on:

Related publications

Potential Turning Point

by wsbza

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.