Here is my EW count that I've been talking about for a while.
After hitting the OB at 18,255 yesterday, we've had a strong rejection, and looking at my EW count, it seems like it could be complete here.
There is still the possibility to get one more move up, to my target at 19k, but it's not the one I'm favoring anymore.
This count will be confirmed once we break 16,686
If this count is to be complete, any bounce that we get from that point can be seen as a wave 2 (we are now going to drop in a 5 wave move) with the start of wave 1 at 18,375 which can't be broken.
We have strong support at 17,050-17,250 which could offer a nice bounce for the wave 2.
On the other hand, if we are to move up to 19k, we'll just be offered an even bigger short. But my primary count is the top being put in already.
Any questions?
Good luck traders
Remember not to break your rules
Habib
After hitting the OB at 18,255 yesterday, we've had a strong rejection, and looking at my EW count, it seems like it could be complete here.
There is still the possibility to get one more move up, to my target at 19k, but it's not the one I'm favoring anymore.
This count will be confirmed once we break 16,686
If this count is to be complete, any bounce that we get from that point can be seen as a wave 2 (we are now going to drop in a 5 wave move) with the start of wave 1 at 18,375 which can't be broken.
We have strong support at 17,050-17,250 which could offer a nice bounce for the wave 2.
On the other hand, if we are to move up to 19k, we'll just be offered an even bigger short. But my primary count is the top being put in already.
Any questions?
Good luck traders
Remember not to break your rules
Habib
