Hi traders and followers,
Let's first see what was my published analysis yesterday: I expected us to go lower and bottom at 3745.25, and the actual bottom today was 3735.25.
My daily perspective is still the same, I only needed to update the hourly count. I mentioned that I expect a flat being developed as wave b of Y. Today, (b) of b was completed as shown on the chart. Some nice fib extensions can also be found. So, wave (b) was a double zigzag (abc). If the flat is playing out, we should see a nice rally this week for 5 waves up (wave c), possibly to 4300 area (that is just to give you an idea of how far I expect this wave c to go higher, we can provide more precise targets later as the wave develops).
What is the other possibility that we also need to keep in mind? it is possible that wave b of Y was actually completed on May 31st, and we are now in c of Y. If this is the case, we just need some change in the labeling: w was (1) of c of Y, w was (2) of c of Y and y was (3) of c of Y.
Conclusion: we see that both scenarios are pointing to a rally from this point. The extent of this rally (larger rally of 5 waves up for c of b of Y or smaller rally of 3 waves up as 4 of c of Y) will help us to see which of these two scenarios is actually playing out.
Have a nice trading day tomorrow, and until the next daily update tomorrow.
Let's first see what was my published analysis yesterday: I expected us to go lower and bottom at 3745.25, and the actual bottom today was 3735.25.
My daily perspective is still the same, I only needed to update the hourly count. I mentioned that I expect a flat being developed as wave b of Y. Today, (b) of b was completed as shown on the chart. Some nice fib extensions can also be found. So, wave (b) was a double zigzag (abc). If the flat is playing out, we should see a nice rally this week for 5 waves up (wave c), possibly to 4300 area (that is just to give you an idea of how far I expect this wave c to go higher, we can provide more precise targets later as the wave develops).
What is the other possibility that we also need to keep in mind? it is possible that wave b of Y was actually completed on May 31st, and we are now in c of Y. If this is the case, we just need some change in the labeling: w was (1) of c of Y, w was (2) of c of Y and y was (3) of c of Y.
Conclusion: we see that both scenarios are pointing to a rally from this point. The extent of this rally (larger rally of 5 waves up for c of b of Y or smaller rally of 3 waves up as 4 of c of Y) will help us to see which of these two scenarios is actually playing out.
Have a nice trading day tomorrow, and until the next daily update tomorrow.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.