Watching this possibility closely
Kommentera:
Hard to say where it ends up but I believe we're seeing the same ABC correction as late 2018 which, when it ends, will be very bullish.
Kommentera:
Doesn't look as sharp of a correction this time around - based on fibs I'm thinking it resolves around 3k (or very slightly below). I believe we're about to have our extended 5th wave of ending 'C'
Kommentera:
Also possible there's no 5th wave extension and it's already over, but i'm suspecting one more leg
Kommentera:
Red path is what i'm suspecting. If we see a 5 wave impulse up it may be over. Both scenarios are ultimately bullish, only the red path has one more leg down. GL
Kommentera:
Looks to me like we followed the green path and that the correction is, indeed, over. The follow through on Sunday and yesterday was the 3rd wave impulse I wanted to see. Looks like this is wave 4 of the first impulse off the lows. I'd expect it to either bounce here or a little lower. (they typically retrace .382).
Kommentera:
Looks like it's coming out of this correction in a similar flat pattern as it did in 2018