Seeing the strength of the correction made me wonder I should revise my wave count for this cycle.
Key takeaway:
The blue parallel channel represents the base channel. That's where the correction would find support. It is mostly around or above 50% of this channel.
The purple parallel channel represents the acceleration channel, and the dark green channel is the deacceleration channel, which bounds the corrective price action.
Key takeaway:
- Price action (px) won't fall below September 15 high, i.e. 23 cents, as it the wave 1 of the primary cycle.
- It took 36 days for the intermediate wave (between primary wave 2 and wave 3) to finish, which gives me a rough estimate of (or, end of primary wave 4) resumption of bull trend of 21 days (3/5 of the bull trend), i.e. November 15-16.
The blue parallel channel represents the base channel. That's where the correction would find support. It is mostly around or above 50% of this channel.
The purple parallel channel represents the acceleration channel, and the dark green channel is the deacceleration channel, which bounds the corrective price action.
