Three distinct patterns of 5-wave moves (not all impulse) followed by 76.4% retracements. What does it mean?
Either it's a rare formation called a type 2 diagonal consisting of 5-3-5-3-5, or more likely a series of 1's and 2's, setting up for a very steep wave 3 decline.
A slightly more bullish possibility I didn't consider at first, ABC-X-AB, with a final C beginning it's final descent.
Either it's a rare formation called a type 2 diagonal consisting of 5-3-5-3-5, or more likely a series of 1's and 2's, setting up for a very steep wave 3 decline.
A slightly more bullish possibility I didn't consider at first, ABC-X-AB, with a final C beginning it's final descent.