Weekend Update: Next Week is Important
Deciphering overlapping moves is a complicated exercise. Truth be told sometimes these patterns do not reveal their correct identity till there almost complete. As of right now I'm still expecting this bottom to complete in a 3 wave move. This "a" wave is a little long and had a micro ending diagonal to complete. I like to count waves in as simple a fashion as possible. However sometimes it's no so easy.
As of right now, I am still thinking we need a "b" wave move to upside to set us up for that final "c" wave down. Ideally, into the $75.36 - $78 region. Any lower than $75.35 and I'm forced to adopt that this may be a wave 2 bottom and therefore we could extend into the $60's or lower. As always, I do not want to get ahead of myself. Let's just say I remain open minded to what price tells me next week. The reason why I struggle with a wave2 bottom is timeframe. Wave 1 took a year and a half. I find it hard to believe wave 2 would only take 7 months. Suffice to say, next week is a really important week.
This "b" wave should take us to the red target box of $85-$89. I look for this to complete between tonight and Monday morning. Once we come into the bottoming target box I will update with upside targets of importance for bottom confirmation.
See you all on Monday morning.
Best to All,
Chris
As of right now, I am still thinking we need a "b" wave move to upside to set us up for that final "c" wave down. Ideally, into the $75.36 - $78 region. Any lower than $75.35 and I'm forced to adopt that this may be a wave 2 bottom and therefore we could extend into the $60's or lower. As always, I do not want to get ahead of myself. Let's just say I remain open minded to what price tells me next week. The reason why I struggle with a wave2 bottom is timeframe. Wave 1 took a year and a half. I find it hard to believe wave 2 would only take 7 months. Suffice to say, next week is a really important week.
This "b" wave should take us to the red target box of $85-$89. I look for this to complete between tonight and Monday morning. Once we come into the bottoming target box I will update with upside targets of importance for bottom confirmation.
See you all on Monday morning.
Best to All,
Chris
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