Have updated the chart according to the latest development. I see wave 1 ending around 1654. (1657 is to stretch it to the limit)
And we'll might see 1776 much before the end of the year, but I'll not change the slope of the channel line before we'll see where wave 2 down ends.
My primary bullish count:
Wave minuet (1) of minor 3 of major is near completion at 1654. The move up to 1645 looks like it's wave iii-(1) and now wave iv-(1) should not make wave 4 into wave 1 violation and therefore stay above the wave i-(1) high of 1627,01. Once wave iv-(1) completes, I have wave v-(1) ending around the 1654 resistance level. Once minute wave (1) completes, wave (2) will retrace a fib 50 of minuet to the 1630 level. Wave (3) of minor 3 should then make a new All Time High. Ultimately major of P3 should reach 1776.
My (bearish) count:
I'll wait on the bearish count in detail - due to the fact that this one is also bullish, but we could see a backtest of broken falling trendline from ATH to a retest of the 1600 level.
Safe trading! BM
And we'll might see 1776 much before the end of the year, but I'll not change the slope of the channel line before we'll see where wave 2 down ends.
My primary bullish count:
Wave minuet (1) of minor 3 of major is near completion at 1654. The move up to 1645 looks like it's wave iii-(1) and now wave iv-(1) should not make wave 4 into wave 1 violation and therefore stay above the wave i-(1) high of 1627,01. Once wave iv-(1) completes, I have wave v-(1) ending around the 1654 resistance level. Once minute wave (1) completes, wave (2) will retrace a fib 50 of minuet to the 1630 level. Wave (3) of minor 3 should then make a new All Time High. Ultimately major of P3 should reach 1776.
My (bearish) count:
I'll wait on the bearish count in detail - due to the fact that this one is also bullish, but we could see a backtest of broken falling trendline from ATH to a retest of the 1600 level.
Safe trading! BM