break down or rebound at support zone?
Will this be a C wave going down and make 1:1 with the A. or we are done correcting and going to start the next impulse?
We are about to enter support zone, if we break it, I think we will head to 0.9 fib to 1.0fib
(2460.19 - 2434.15)
Since this is possibly the last corrective wave down, I am thinking, this can be either a
Wave C within the ABC of Wave 2
Or we are in sub wave 5th within Wave C, if we zoom out to let say 12hr chart.
Conclusion:
breaking below 2513 is my bear case (4 HR chart)
1st Bull case would be break 2698 and 100 SMA
2nd Bull case for a decent bull run would be break 2786 with potential rejection at 200 SMA (4HR Chart).
What do you guys think? Please share your thoughts.
We are about to enter support zone, if we break it, I think we will head to 0.9 fib to 1.0fib
(2460.19 - 2434.15)
Since this is possibly the last corrective wave down, I am thinking, this can be either a
Wave C within the ABC of Wave 2
Or we are in sub wave 5th within Wave C, if we zoom out to let say 12hr chart.
Conclusion:
breaking below 2513 is my bear case (4 HR chart)
1st Bull case would be break 2698 and 100 SMA
2nd Bull case for a decent bull run would be break 2786 with potential rejection at 200 SMA (4HR Chart).
What do you guys think? Please share your thoughts.
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