It looks like the 5 waves down isn't completed, and what we are seeing here may be forming a triangle for a wave 4 (bear pennant) with a wave 5 to come.
Where the blue labels show waves iii and iv... the blue wave iv should end where I have put wave iv (red).... with blue wave v where I have put v (red) to complete the RED wave iii.
Hope that makes sense :S
chessnut
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Yeah well it sure looks impulsive. from an an EW perspective I dont see the a - b ((ii)) - i count, wave c should normally pass the extreme of wave b and also should be impulsive, rather hard rules. Hard to see another bearish impulsive count however. Wave C is always impulsive so looking for a weak five wave climb to terminate in that area, as good a trade opportunity as any. I would only look to short this at low upside momentum at any given point personally, that A wave could be a primary off that juncture, given the set up is not 100% clear to me. Im trading short XAUUSD atm, seems clear.
It looks like the 5 waves down isn't completed, and what we are seeing here may be forming a triangle for a wave 4 (bear pennant) with a wave 5 to come.
Where the blue labels show waves iii and iv... the blue wave iv should end where I have put wave iv (red).... with blue wave v where I have put v (red) to complete the RED wave iii.
Hope that makes sense :S