To call it a bottom we should see a corrective A-B-C down move off the top made in December 2017.
So far we can count completed A down and B up.
What is important is that wave C has to be structured as five waves down.
Out of those five waves we have only got three down where the last low reached a textbook extension for the wave iii down.
Then we got a corrective move up structured as a-b-c which topped at 11,750 on February 20th. That was the wave ( iv ) up.
To call the wave C down complete we should see (a)-(b)-(c) move down off the top of that corrective wave ( iv) topped at 11,750.
The last wave ( v) should (1) be structured as a-b-c move down and (2) make a new low under the low made in the wave ( iii ) down. Meaning under $6,000.
What we have got was an impulsive five wave move down to 6,438 which found a bottom on April the 1st.
It's a textbook pattern when the first leg down of the wave 5 finds its bottom around the low made by wave (iii ) down. Then we should see a corrective move up in the wave ( b ) of ( v) structured as a-b-c.
And we might have completed that a up.
So I still expect a lower lows and I still count this grind up as corrective. Moreover, after b down we should see another rally in c up which will complete wave ( b ) of ( v ).
As long as e stay under 11,750 I do not have a reason to change my bearish count
Follow me on twitter CastAwayTrader
and on my web site www castawaytrader com
So far we can count completed A down and B up.
What is important is that wave C has to be structured as five waves down.
Out of those five waves we have only got three down where the last low reached a textbook extension for the wave iii down.
Then we got a corrective move up structured as a-b-c which topped at 11,750 on February 20th. That was the wave ( iv ) up.
To call the wave C down complete we should see (a)-(b)-(c) move down off the top of that corrective wave ( iv) topped at 11,750.
The last wave ( v) should (1) be structured as a-b-c move down and (2) make a new low under the low made in the wave ( iii ) down. Meaning under $6,000.
What we have got was an impulsive five wave move down to 6,438 which found a bottom on April the 1st.
It's a textbook pattern when the first leg down of the wave 5 finds its bottom around the low made by wave (iii ) down. Then we should see a corrective move up in the wave ( b ) of ( v) structured as a-b-c.
And we might have completed that a up.
So I still expect a lower lows and I still count this grind up as corrective. Moreover, after b down we should see another rally in c up which will complete wave ( b ) of ( v ).
As long as e stay under 11,750 I do not have a reason to change my bearish count
Follow me on twitter CastAwayTrader
and on my web site www castawaytrader com
Join my Telegram channel: t.me/TheCastAwayTrader
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.
Join my Telegram channel: t.me/TheCastAwayTrader
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.