well right now your chart are rekt
i thought E was supposed to be the last wave ?
i thought E was supposed to be the last wave ?
A Fibonacci 38.2% to 61.8% retrace of the previous downtrend, i.e. from 24-JUL to 14-AUG, doesn't invalidate the overall bearish stance of the market.
Taking out the high of 24-JUL would favor a bullish scenario, until then, the market remains with an overall bearish bias.
The market is rallying into the 31-AUG CME last trade date, possible upside approx targets are as follows:
@7200: Fibonacci 50% retrace of 24-JUL to 14-AUG downtrend. High probability
@7500: Fibonacci 61.8% retrace of 24-JUL to 14-AUG downtrend. Medium probability
@8000: Fibonacci 78.6 retrace of 24-JUL to 14-AUG downtrend. Low probability
Upon completion of the bounce, the next sell-off leg towards 5200 approx ought to resume.
Models are speculative Elliott Wave guesswork.
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