First, here is how I see the current uptrend unfolding.
The point of this post is to show my thought process. It's not to predict either a top or a bottom here, but merely to point out the current probabilities based on the pattern. The fact that the variations of the count on 4H have opposite implications on direction mean it's not worth risking money here at this juncture.
Looking at the daily chart, what I plan to do is to see how the next major correction (which has not started yet) unfolds. Because it can certainly continue higher, I don't want to get in front of the correction. Where and how the correction terminates, however, should help to provide more clarity in defining the nature of this uptrend.
Finding support around the prior wave 4 or the 61.8% retrace level, and with a corrective abc structure will go a long way toward a bullish outcome.
The point of this post is to show my thought process. It's not to predict either a top or a bottom here, but merely to point out the current probabilities based on the pattern. The fact that the variations of the count on 4H have opposite implications on direction mean it's not worth risking money here at this juncture.
Looking at the daily chart, what I plan to do is to see how the next major correction (which has not started yet) unfolds. Because it can certainly continue higher, I don't want to get in front of the correction. Where and how the correction terminates, however, should help to provide more clarity in defining the nature of this uptrend.
Finding support around the prior wave 4 or the 61.8% retrace level, and with a corrective abc structure will go a long way toward a bullish outcome.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt