I believe the (x) wave flat option is in the spotlight at the moment. The remaining options are:
1. Wave (x) of [4] is complete and wave (y) is underway
2. Wave (x) of [2] of Minor 3 is complete and wave (y) of [2] of Minor 3 is underway
3. A bearish nested 1-2 down.
Last week I mentioned that this week would be telling as to whether the weekly hammer would be confirmed. So far it's starting to look that way. Two more trading days in this range and the hammer will probably get confirmed.
Notice that the daily MACD histograms continues to trend higher? This is a diverging from the April pattern, which I have been presenting all along.
I think we may know if the bulls take back control by the end of the week. The only thing I would question is the nature of the bounce since the 3/16 low. It still counts best as a three wave structure.
If that is truly the case but a weekly hammer is confirmed and a daily bull cross occurs, it would lead me to believe that the flat potential is forming up top here an if anything a potential triangle.
1. Wave (x) of [4] is complete and wave (y) is underway
2. Wave (x) of [2] of Minor 3 is complete and wave (y) of [2] of Minor 3 is underway
3. A bearish nested 1-2 down.
Last week I mentioned that this week would be telling as to whether the weekly hammer would be confirmed. So far it's starting to look that way. Two more trading days in this range and the hammer will probably get confirmed.
Notice that the daily MACD histograms continues to trend higher? This is a diverging from the April pattern, which I have been presenting all along.
I think we may know if the bulls take back control by the end of the week. The only thing I would question is the nature of the bounce since the 3/16 low. It still counts best as a three wave structure.
If that is truly the case but a weekly hammer is confirmed and a daily bull cross occurs, it would lead me to believe that the flat potential is forming up top here an if anything a potential triangle.
(x) Wave Flat Option
Weekly
Watch for confirmation of that weekly hammer candle. Notice the potential for a triangle as well?
The daily MACD histograms continue to trend higher which is diverging from the April pattern. A cross up from down below would give price room to run up.
Daily
The daily MACD histograms continue to trend higher which is diverging from the April pattern. A cross up from down below would give price room to run up.
