Ciao Traders !
I think we reached a temporary Top or we will reach it soon, possibly after a small leg up breaking slightly the latest top
What I can see is a formation of a big zig zag patter, a 3 wave which might be either:
1) the end of wave 3 on a super cycle degree (wave 3 started in march 2009) or
2) the end of a 1 wave of an ending diagonal , in which case i would assume, as standard guidelines says, that we will go down to the 0,618/0,65 Fibonacci retracement (making a wave 2 ) and then bounce up to complete 3,4 and 5 wave of the possible ending diagonal (see the picture)
I am personally in a short position and I will be adding in case another leg up.. if the next leg up (in case it comes) will be broken again I will close my position for a loss
If I am right, I will close my short in the 2700/2750 area and go long for another leg up (wave 3 of the ending diagonal) .. if i see a long set up at those level, of course...
Please see here below the other pictures for my macro count and the picture of my previous post predicting the are of the actual bounce
Happy trading to all !
Disclaimer:
This is not financial or investment advice
I am not a professional in the financial or investment fields
This analysis is just for entertainment purposes
Do not follow what I do or do it at your own risk
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here my previous post from !st Dec 2019
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target area
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in case of retracement of a wave 3 at super cycle level
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