Looking like price is in the 5th leg within the contacting diagonal
in the 5th wave up. The intersection of the Grid squares is coming up on
the 6th November, with a clear 'peak' diagonal formation just after that
if price wanted to squeeze into it. Whilst the 45degree diagonal just
under price holds, expect further grinding, until a likely pop and drop, although it could just be over already.
After the five legs up in what is probably 'a' in leg 5, we are falling back here. I have marked out the 61.8% of that 'a' up, to possibly pick up the 'c' leg which could be a doozy if it is ending the whole move up. Otherwise, I'd expect the drop to continue and take out the 45 degree line from above.
Similar to USDJPY in my earlier post, the phasing study suggests the nested low has already been put in and one is not expected so soon. So if the low is taken out, it would add to my conviction that the move up is over, but until it is taken out then upward grinding after the 'b' down is over, as above. The 20day FLD maybe a good target for 'c' up to begin (or fail!).
No comments:
Post a Comment