We are still in a Correction

2021年6月26日

After impulse we are in correction phase. Typically correction falls in subwave 4 range which is .38 level on fibbs applied in chart. But this correction is taking longer than expected which makes me lean towards calling it a combination. Now in a WXY X can be any pattern of a correction. In this case its appearing as a reverse diagonal as X and breakdown will lead to lower levels of fibbs .50 or .618 in the form of a another corrective structure as a Y. Y has a greater chance of being a Zigzag. So it will be

A zigzag corrected by reverse diagonal and then followed by a zigzag (WXY)

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Thanks for reading

2021年6月26日

註釋

This is what i always struggle with. If i do it on a candlestick chart and include wicks in my analysis then wave 4 was over and now in 5. In any scenario its best to watch it at this moment. Breakdown of this pattern will confirm if line chart scenario was valid or candlestick chart.