Ellipses shown group proposed sub-wave structures. Price action within red ellipse could be interpreted as one impulse wave or a zigzag. Area in rectangle contains most of the volume traded since 27 July (distribution?).
Impulsive price action today; how that evolves over the next week or two will likely reveal how the price action in the red impulse should be counted, and whether we have higher to go or that the top is in.
Impulsive price action today; how that evolves over the next week or two will likely reveal how the price action in the red impulse should be counted, and whether we have higher to go or that the top is in.