Good morning,
quick analysis:
the move-down from yesterday looks at nearly all TF's corrective. I have a hard time to make it impulsive.
So we go with corrective.
Two possibilities:
a) we will see a new high
We may have seen an ABC down, now up to a new high
or
we make a new ABC down after this retracement (up) has finished
or
the move down was wave A, now in wave B up, wave C down should make an impulse (for an ABC flat 3-3-5). For a flat, wave B should retrace min. 90% of wave B (around 4440)
b) we are down in a leading diagonal. In a leading diagonal all the moves are ABC's. If it is a leading diagonal, we may be in wave 4 up. This wave 4 is now in territory of wave 1. Limit for this move is 4401. If breached, this count is invalidated
quick analysis:
the move-down from yesterday looks at nearly all TF's corrective. I have a hard time to make it impulsive.
So we go with corrective.
Two possibilities:
a) we will see a new high
We may have seen an ABC down, now up to a new high
or
we make a new ABC down after this retracement (up) has finished
or
the move down was wave A, now in wave B up, wave C down should make an impulse (for an ABC flat 3-3-5). For a flat, wave B should retrace min. 90% of wave B (around 4440)
b) we are down in a leading diagonal. In a leading diagonal all the moves are ABC's. If it is a leading diagonal, we may be in wave 4 up. This wave 4 is now in territory of wave 1. Limit for this move is 4401. If breached, this count is invalidated