ZZ + Flat + Contracting triangle ( WXY)
The straight climb from Jan to July 2016 has been labelled by many EW analysts as wave 1 and the drop to 16 usd on Mar 2020 (during the covid period) as wave 2. I will, nonetheless, label them as wave W and X respectively as depicted in my chart.
Wave W as a zigzag, wave X as flat (ABC), with wave B of X as an expanding flat. Using the rule of alteration, wave Y will be a triangle. As shown in the chart, wave e of a contracting triangle is trending.
A breakdown below the bd trendline of the contracting triangle will be a first sign of a reversal.
Wave W as a zigzag, wave X as flat (ABC), with wave B of X as an expanding flat. Using the rule of alteration, wave Y will be a triangle. As shown in the chart, wave e of a contracting triangle is trending.
A breakdown below the bd trendline of the contracting triangle will be a first sign of a reversal.
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