Overview: in the update of last weekend, my primary count was that we have bottomed for wave 2 and developing wave 1 of (A) of 3 to the upside, to start a multi-year bullish move.
My first alternative count was invalidated, but the second alternative count (we are in wave B of (E) of 2 developing as a flat) is still valid, but of very low probability in my opinion. Plus, the structure does not support the current move up (since January 3rd 2023) being a 12345, required for the flat scenario.
Update: looking into the hourly chart, I think we are close to the completion of wave (III) of c of 1. A pullback that follows as wave (IV) and a final push higher to complete wave 1, probably around middle of February.
My first alternative count was invalidated, but the second alternative count (we are in wave B of (E) of 2 developing as a flat) is still valid, but of very low probability in my opinion. Plus, the structure does not support the current move up (since January 3rd 2023) being a 12345, required for the flat scenario.
Update: looking into the hourly chart, I think we are close to the completion of wave (III) of c of 1. A pullback that follows as wave (IV) and a final push higher to complete wave 1, probably around middle of February.
