Wave c of 4 became an extended wave and is very close to being 1.618 times longer than wave a of 4. As can be seen on the chart above. The last move higher towards 1,349 has been followed by a clear negative divergence on the EWO indicator, telling us, that this a weak rally and a top should be nearby.
It should also be noticed, that the entire rally since the 1,180 low has been contained by the rising channel, which is a strong indication, that this rally is corrective and not impulsive. If this rally had been impulsive we would have expected a clear break above the base-channel in wave three and we haven't seen anything close to a break above the channel resistance line. So be ready for a top very soon and a powerful decline in wave v to below 1,180.
I dont like simple abc cause c is hardly impulsive. Imo WXY suits better (where Y is double zigzac)
ReplyDeleteHi AK
ReplyDeleteI have nothing wrong with your call for a double zig-zag corretion.
The important point is that the rally from 1,120 is corrective and that a new impulsive decline should be seen.
Kind regards
EWS
pls post on nat gas
ReplyDeleteHi Surfer , I have seen your labelling of gold weekly, I think that 5 wave down of C is already over ,it is very unlikely to have ,
ReplyDelete1,2, i , ii , ( i),(ii), but of course possible.
And we are already in the b of C, which seems to be a 5-3-5 structure from what we see now...
I don't mean to criticise you , nice work by the way , please comment. You perspective also seems valid....take mine as food for thought.