We can easily Count five waves from the low of 76.16 to the top at 105.44, that Means all requirements for this rally is fulfilled and a major correction can begin any time, if it's not already developing.
However, to confirm, that wave v of 5 is in place we need a break below 103.73 and more importantly we need a break below support at 102.47, but if my counts above is correct, then wave v of 5 is in place and the correction lower towards at least 98.48 and most likely lower towards 94.19 developing.
Good afternoon EWS:
ReplyDeleteI've a question about your count: at 103.73 it's wave (iv) of v, but I think the important level of your count is 102.50, which is wave iv. Why a break of 103.73 ends the rally? Why not 102.5? Thanks and have a great day
Hi Manuel,
DeleteAs I Count wave iv of v at 103.73 a break below here will indicate, that the rally is over, but you are right a break below 102.50 would be of greater importance and clearly a stronger indicator.
Kind regards
EWS