Overview: Let's go through the thinking process of this week:
We started this week with the expectation that we are in wave III of a of Z, but mentioned the probability of another count, where wave a of Z is actually complete and we should pullback as wave b of Z. On September 6th, I mentioned that: "Note that this structure is perfectly following our count expectations, but the timing of the waves is definitely not ideal. I am not going to change my count until I have to do so, i.e. invalidated."
Finally, on September 7th: "As we got suspicious of this count it was invalidated today. My alternative count is now becoming my primary count, where I see wave a of Z complete and right now we are in wave b of Z playing out as a flat. Right now, we are in wave III of (c) of b."
Update: Looking at the hourly chart, I think we have completed wave III of (c) of b and after a pullback as wave IV, we should push higher to complete wave b of zigzag, most probably on Tuesday morning.
Potential target for wave b peak? (4120-4150)
1) Retracement of wave a: 4115.5, 4152, and 4165
2) Volume profile of wave a: definitely the VPOC at ~4139 is the most important point to watch.
3) Support/resistance levels: 4119, and 4151.25
We started this week with the expectation that we are in wave III of a of Z, but mentioned the probability of another count, where wave a of Z is actually complete and we should pullback as wave b of Z. On September 6th, I mentioned that: "Note that this structure is perfectly following our count expectations, but the timing of the waves is definitely not ideal. I am not going to change my count until I have to do so, i.e. invalidated."
Finally, on September 7th: "As we got suspicious of this count it was invalidated today. My alternative count is now becoming my primary count, where I see wave a of Z complete and right now we are in wave b of Z playing out as a flat. Right now, we are in wave III of (c) of b."
Update: Looking at the hourly chart, I think we have completed wave III of (c) of b and after a pullback as wave IV, we should push higher to complete wave b of zigzag, most probably on Tuesday morning.
Potential target for wave b peak? (4120-4150)
1) Retracement of wave a: 4115.5, 4152, and 4165
2) Volume profile of wave a: definitely the VPOC at ~4139 is the most important point to watch.
3) Support/resistance levels: 4119, and 4151.25
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Publicaciones relacionadas
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.