Overview: let's review a few key points from the previous update:
Update: The mentioned breakdowns happened as expected and the price action followed our labeling in an exact way. I am doing a little bit of relabeling, where I believe we have completed waves I and II of A of (Z) of larger wave 2, and we have started wave III. Note that wave II was a perfect retest of the broken blue channel and aligned with a fib retracement of wave I (0.5 retracement of wave I was at 171.2 and high of wave II was 171.13).
Wave (a) of III is almost complete, where I expect the bottom for this subwave around 161.65, then pullback as wave (b) of III and another strong bearish move as wave (c) of III.
Also note the formation of a head & shoulders pattern, with a price target of 155.50.
- I believe that wave (X) is now complete.
- There are two important breakdowns to happen:
1) Hourly chart: I expect the price to break the green channel through the lower trendline.
2) Daily chart: the breakdown of the blue bullish channel.
Update: The mentioned breakdowns happened as expected and the price action followed our labeling in an exact way. I am doing a little bit of relabeling, where I believe we have completed waves I and II of A of (Z) of larger wave 2, and we have started wave III. Note that wave II was a perfect retest of the broken blue channel and aligned with a fib retracement of wave I (0.5 retracement of wave I was at 171.2 and high of wave II was 171.13).
Wave (a) of III is almost complete, where I expect the bottom for this subwave around 161.65, then pullback as wave (b) of III and another strong bearish move as wave (c) of III.
