Based on the previous fib and the trendline support of in the CMF, can expect a bounce here at 1162 (0.5 fib) to complete wave 4 of the developing diagonal (count not labeled but this is likely corrective B of bigger downtrend).
If bounces at 1160s I’d expect 1 more leg up to complete 5 of diagonal at 3400s (1.272). Same as 3 extended from 1.
After 1340s will likely see a new low unless market squeezes and continues off the diagonal (I.e. unless it becomes a leading diagonal).. I don’t think the bigger corrective count is complete though, and will need to pullback to at least test support at the old resistance formed from the triangle preceding the bounce. That is the trendline under the current price/ bounce zone. Will re-evaluate if it makes it to 1340s
If bounces at 1160s I’d expect 1 more leg up to complete 5 of diagonal at 3400s (1.272). Same as 3 extended from 1.
After 1340s will likely see a new low unless market squeezes and continues off the diagonal (I.e. unless it becomes a leading diagonal).. I don’t think the bigger corrective count is complete though, and will need to pullback to at least test support at the old resistance formed from the triangle preceding the bounce. That is the trendline under the current price/ bounce zone. Will re-evaluate if it makes it to 1340s
