Wave 5 of an ending wedge has completed itself near the 0.618 time mark of the time it took to form section 1-3. I have been trying to identify this top earlier, but the market was not ready to reverse until now. I think we are finally set for a reversal, along with EUR&CAD.
Note that we did not overshoot the upper channel - something that ending wedges are usually supposed to do. Yet, I favor the time factor more: if the 0.618 time band is approached by w5 and there is a sign of a reversal, then we are very likely to change direction.
Note that we did not overshoot the upper channel - something that ending wedges are usually supposed to do. Yet, I favor the time factor more: if the 0.618 time band is approached by w5 and there is a sign of a reversal, then we are very likely to change direction.
