This is a WXYXZ count that I proposed a few months ago (early march).
How you draw the correction from Dec17 2017 to Feb06 2018 dictates how you view the future pattern.
If you count it as a whole, that is, a 5 wave impulse to the down side, that will make wave A.
In that case, the price action in B (what we are in) gives a triangle pattern. (In related idea; in the idea I said I was confident, I guess not.)
Now, if we draw the correction from Dec to Feb as a completed ABC, we can perfectly draw a WXYXZ corrective pattern.
This post is an alternate WXYXZ count (which was my original count in early March, also in related ideas below), and I am sitting between these two counts. (ABC with B being ABCDE, or WXYXZ).
Keep in mind of both counts. Should the price break the low of 6K & 6.4K (two magenta lines), we will be targeting the fib cluster as labelled in the green box. If that comes into fruition, we can draw a complete WXYXZ pattern at the point and the bull market should resume.
How you draw the correction from Dec17 2017 to Feb06 2018 dictates how you view the future pattern.
If you count it as a whole, that is, a 5 wave impulse to the down side, that will make wave A.
In that case, the price action in B (what we are in) gives a triangle pattern. (In related idea; in the idea I said I was confident, I guess not.)
Now, if we draw the correction from Dec to Feb as a completed ABC, we can perfectly draw a WXYXZ corrective pattern.
This post is an alternate WXYXZ count (which was my original count in early March, also in related ideas below), and I am sitting between these two counts. (ABC with B being ABCDE, or WXYXZ).
Keep in mind of both counts. Should the price break the low of 6K & 6.4K (two magenta lines), we will be targeting the fib cluster as labelled in the green box. If that comes into fruition, we can draw a complete WXYXZ pattern at the point and the bull market should resume.
We will most likely see 5K region next?