The count begins to be difficult and analysis of price and time with the Fibonacci ratios becomes very useful.
I keep thinking that the wave began on June 4 is
corrective because there are too many "
overlapping swings"
and no evidence of harmonious and balanced
impulse.
The problem is to correctly identify the pivotal point for each complex corrective pattern,
locate the right position of the waves, and the right degree
(however, this last point for me is always a secondary trouble because the original implications about the trend
are the same).
According to Fibonacci price analisys, an important pivotal point seems to be the bottom of 2 August, as the
three waves: first
up w (a-b-c from August 2 to August 21), second
down x (triangle from 21 August to 4 or 5
September) three
up y (a-b-c from 4 or 5 September to 14 September), are in Fibonacci relationships :
x = 0.382 * w , plus
y is close to [(1 *
w) +
x ] and meet
the guideline of "the right look".
That is why I updated my preferred count, which remains, however, a complex Zig-Zag pattern type
wzy or
wxyxz.
Instead, regarding the
Fibonacci time analisys, I see that the first wave
w of minor degree has the same duration of the second wave
x (time
w = time
x) and that the first wave
w of the current wave
y is equal to
w and to
x (time
w = time
x = time
w) and this is either a coincidence (but I don't bilieve that), or the current wave
y is an elongated complex pattern, or my preferred count is wrong.
I continue to investigate.
I don't think that the bearish correction is completed, and in any case, it's a risky point to open a trade.
Have a great trading day...with care!
