There are a few times when the context is not enough to discard a contrary wave count, and I think this is one of those.
The expected wave count at this juncture is the expanded flat as possible wave a or w in what we expect be a consolidative 4th wave (if you change the time frame to daily can see that the wave count to the downside starts after a long timed consolidation which I thik is a 2nd wave)
But after the yestesterday new lows the b wave extended a bit more from where we thik was a very meaningfully 138 a wave extension, and the proportion between a and c waves of this wave b) seems more probable for a wave 1 and 3.
So a way to turn this arrownd is wait to see some signals that decompouse the red count (which stands for the impulsive idea) one of this is that wave 4 thends to retrace less than a 50% of wave 3 therefore if the retrace becomes deeper then should be safe to buy.
The problem is that the risk reward ratio could be diminished.
Other way to work with this should be to wait and see if we can see a fail to get new lows after a impulsive wave to the upside.
The expected wave count at this juncture is the expanded flat as possible wave a or w in what we expect be a consolidative 4th wave (if you change the time frame to daily can see that the wave count to the downside starts after a long timed consolidation which I thik is a 2nd wave)
But after the yestesterday new lows the b wave extended a bit more from where we thik was a very meaningfully 138 a wave extension, and the proportion between a and c waves of this wave b) seems more probable for a wave 1 and 3.
So a way to turn this arrownd is wait to see some signals that decompouse the red count (which stands for the impulsive idea) one of this is that wave 4 thends to retrace less than a 50% of wave 3 therefore if the retrace becomes deeper then should be safe to buy.
The problem is that the risk reward ratio could be diminished.
Other way to work with this should be to wait and see if we can see a fail to get new lows after a impulsive wave to the upside.