D1 I have had to change my count from WXYXZ to ABC with a running flat in wave B because we never got 3 waves in the internal C up and the low was broken. One wave can never be a correction for a wave B or X!
D1 I have it as ABC, I can only forecast for the ABC at this stage because we have potentially bullish divergence forming. If price get's to the 100fib without giving the bullish divergence I won't be able to rule out more downside therefore changing the D1 count from ABC to WXYXZ. Where wave C end's is anyone's guess, to complete the ABC price only needs to break wave A and price has clearly done that. With the potential bullish divergence still in play I'm only interested in taking buy setups until the D1 structure changes (Z down). You can scalp shorts on the lower timeframes but the downside is limited therefore I would wait for H4 corrections to sell or really nice sell setups before considering taking the risk.
W1 The MACD has turned down below the 0 line so I'm still expecting price to break below wave A and complete the structure. (My W1 idea is in related links so check it out)
H4 We only have one wave down with the potential of seeing internal bullish divergence in the near future, If we get a H4 correction we can consider taking a sell setup but lets not get ahead of ourselves.
I will be updating this idea with potential setups so hit the thumbs up or follow me if you wish to get those updates!
If you like this idea the least you can do is hit the thumbs up to show your appreciation for this free analysis.
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D1 I have it as ABC, I can only forecast for the ABC at this stage because we have potentially bullish divergence forming. If price get's to the 100fib without giving the bullish divergence I won't be able to rule out more downside therefore changing the D1 count from ABC to WXYXZ. Where wave C end's is anyone's guess, to complete the ABC price only needs to break wave A and price has clearly done that. With the potential bullish divergence still in play I'm only interested in taking buy setups until the D1 structure changes (Z down). You can scalp shorts on the lower timeframes but the downside is limited therefore I would wait for H4 corrections to sell or really nice sell setups before considering taking the risk.
W1 The MACD has turned down below the 0 line so I'm still expecting price to break below wave A and complete the structure. (My W1 idea is in related links so check it out)
H4 We only have one wave down with the potential of seeing internal bullish divergence in the near future, If we get a H4 correction we can consider taking a sell setup but lets not get ahead of ourselves.
I will be updating this idea with potential setups so hit the thumbs up or follow me if you wish to get those updates!
If you like this idea the least you can do is hit the thumbs up to show your appreciation for this free analysis.
Thank's to all the traders in advance that hit the thumbs for your support!
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Here is the ALT count for WXYXZ if we don't get bullish divergence with the current C wave down. In the example I have it as another running flat in X but it could be a number of corrective structures. One thing shouldn't change in wave X and that's the time factor. It must be of a similar size in time, if not it's from a different degree.
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