I have identified a finished zigzag in a long-term wave 4.
Why I think the Zigzag is finished and the higher-degree trend is ready to resume?
We have seen a waves A and C which clearly subdivide in five waves. The wave 5 in wave C appears to be truncated which is very rare, however, given the wave 3 extreme course, I still give high probability to this wave count.
Furthermore, we have seen a sharp reversal from the 31k lows with an impusive nature and a choppy pullback in a channel afterwards. Moreover, morning star candlestick formed on daily timeframe, which is primarly a reversal pattern. Lastly, we have seen a break above 34k zone which now acts as a support. All these factors elevates probability of at least local bottom thus a move at least to 42k. There price will tell us the next course.
This idea is invalidated if price breaks the 31k level and is less probable when we get a close below 33k.
Why I think the Zigzag is finished and the higher-degree trend is ready to resume?
We have seen a waves A and C which clearly subdivide in five waves. The wave 5 in wave C appears to be truncated which is very rare, however, given the wave 3 extreme course, I still give high probability to this wave count.
Furthermore, we have seen a sharp reversal from the 31k lows with an impusive nature and a choppy pullback in a channel afterwards. Moreover, morning star candlestick formed on daily timeframe, which is primarly a reversal pattern. Lastly, we have seen a break above 34k zone which now acts as a support. All these factors elevates probability of at least local bottom thus a move at least to 42k. There price will tell us the next course.
This idea is invalidated if price breaks the 31k level and is less probable when we get a close below 33k.