This EW count shows that we need to see one more last (v) sub-wave of the last 5th wave down (green).
The (iv) sub-wave appears to be done as it is facing resistance from the 100 EMA on 4 Hour chart. Technically, it can go further up but not beyond the red-zone as the 4th wave can't go beyond 1st wave bottom. However (ii) wave went deeper to almost 0.618 Fib so wave (iv) will be shallow and right now its at 0.382 Fib, so I'm assuming wave (iv) could be done
This chart becomes invalid if price goes and stays above the red zone and we will need to relook at the count.
Take Care. Stay Safe.
Kommentera
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Here is an alternate scenario which could be in play that I posted in Twitter yesterday
Kommentera
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Irrespective of whether this was A wave or if this was just a wave 1 of a new impulse 1-5 wave structure, the 5 waves appear to be done with 5th wave extended.
So there should be abc correction after 5 waves, and since 5th wave is extended the correction go upto the 4th wave (green) bottom where there is also support from 0.618 Fib
For now, the assumption is this is a "b" wave of the 4th wave (orange) of the previous posted chart
hey keshav, as you know i am on the same wave count as you but i dont think the 4th wave is done already (especially when i look @ the structure of the waves).
I dont see a clear abc in it, it looks more like an impulsive 5 wave which can become the a wave of the correction.
I agree with you that the 1-2 was deep but the 3rd wave was extended untill the 2.618 so i would expect a bigger retracement for the 4th... (check my latest trading idea on how i charted it).
But keep up the good work it is always nice to see other ew traders @ work
I dont see a clear abc in it, it looks more like an impulsive 5 wave which can become the a wave of the correction.
I agree with you that the 1-2 was deep but the 3rd wave was extended untill the 2.618 so i would expect a bigger retracement for the 4th... (check my latest trading idea on how i charted it).
But keep up the good work it is always nice to see other ew traders @ work