$JSEGLN - Glencore: Wave 4 Triangle Or Five Waves Done?
The last coverage of Glencore was on 30 September 2022, link below.
Price has continued to move generally sideways though a new peak was made at 12433.
My preferred count hinges on the interpretation of the move from 7920 to 12433 which i view as a corrective move and not a motive move.
This interpretation means that the sideways price action from 10594 is a running triangle.
In running triangle structures, wave B exceeds the origin point of wave A, the wave (3) peak.
For the triangle outlook to remain valid, wave E must terminate around 9230 (it can undershoot slightly).
Triangles can be tricky to trade as the waves can form larger structures, i.e. wave D can push above 11326 but must remain below 12433 to remain valid.
At this juncture, it is unclear what is likely to happen so i will sit on my hands and continue to monitor price action.
Price has continued to move generally sideways though a new peak was made at 12433.
My preferred count hinges on the interpretation of the move from 7920 to 12433 which i view as a corrective move and not a motive move.
This interpretation means that the sideways price action from 10594 is a running triangle.
In running triangle structures, wave B exceeds the origin point of wave A, the wave (3) peak.
For the triangle outlook to remain valid, wave E must terminate around 9230 (it can undershoot slightly).
Triangles can be tricky to trade as the waves can form larger structures, i.e. wave D can push above 11326 but must remain below 12433 to remain valid.
At this juncture, it is unclear what is likely to happen so i will sit on my hands and continue to monitor price action.
