My previous Ew Count is still in tact as long as we don't get a close above 1312...& if this is true then the next leg is very bearish (target c).
However it is always good to do an alternate count... and according to that it is possible that a new impulse wave structure has started; right now we are in a symmetrical triangle (which could be either the first or 4th corrective wave); implying that there is more upside..However if this does hold my 2nd area of support is between 1295-1301 (and if this does not hold) then we are definitely going down to 1260-70 levels...
Some considerations to support a bearish bias:
Usd index has been taking off the past couple of hours... (also aussie is faling from a cliff)
S&P500 and other us markets closed with a morning star today; we need to see a rebound and a close above the star for a confirmation that a rebound is around the corner.
Oil has completely negated the geo political tensions....
However it is always good to do an alternate count... and according to that it is possible that a new impulse wave structure has started; right now we are in a symmetrical triangle (which could be either the first or 4th corrective wave); implying that there is more upside..However if this does hold my 2nd area of support is between 1295-1301 (and if this does not hold) then we are definitely going down to 1260-70 levels...
Some considerations to support a bearish bias:
Usd index has been taking off the past couple of hours... (also aussie is faling from a cliff)
S&P500 and other us markets closed with a morning star today; we need to see a rebound and a close above the star for a confirmation that a rebound is around the corner.
Oil has completely negated the geo political tensions....
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Gold Bearish Bat
waleedkhan
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