Hi traders,
Overview: I want to do a major relabeling to my wave X. Before doing that, let's go back a little bit in my previous updates:
August 1st: "exactly as expected, wave (IV) started developing as a flat correction and right now, we are in leg c of (IV). Potential targets for wave (IV) bottom (4065-4080)".
Update: If you go and hit the play button on my August 1st update, you would observe that the price action followed my labeling perfectly. However, the structure of waves developed from low of August 2nd is not the way I wanted to hit my final target for wave X peak. In other words, that count is not invalidated (the actual low was 4080.5, which was in the area I considered in August 1st update), but I am going to relabel the whole wave X developed from June 17th low.
In the new count, I am considering wave X developed as a triple zigzag (wxyxz). Right now, we are in wave III of (c) of z. Regarding the potential target for wave X top, I refer to my July 29th update: "I now favor 4300 range as wave X top. Something interesting about 4300 is that it is exactly the 0.667 retracement of previous leg down, Y."
Overview: I want to do a major relabeling to my wave X. Before doing that, let's go back a little bit in my previous updates:
August 1st: "exactly as expected, wave (IV) started developing as a flat correction and right now, we are in leg c of (IV). Potential targets for wave (IV) bottom (4065-4080)".
Update: If you go and hit the play button on my August 1st update, you would observe that the price action followed my labeling perfectly. However, the structure of waves developed from low of August 2nd is not the way I wanted to hit my final target for wave X peak. In other words, that count is not invalidated (the actual low was 4080.5, which was in the area I considered in August 1st update), but I am going to relabel the whole wave X developed from June 17th low.
In the new count, I am considering wave X developed as a triple zigzag (wxyxz). Right now, we are in wave III of (c) of z. Regarding the potential target for wave X top, I refer to my July 29th update: "I now favor 4300 range as wave X top. Something interesting about 4300 is that it is exactly the 0.667 retracement of previous leg down, Y."
