Yes. I believe so.
As overlapping as the price action has been, there's only so many to ways to count this pattern. Most everything is a 3 wave move and we never really sustained any momentum for a period greater than 3-5 days only to come back and overlap price and start again. As of this morning I am now counting this as an ending diagonal that has completed rather than an ABC. There's only so many subdivisions within an ABC and what has caused me to abandon the ABC pattern is this last move above $48 and now the decline unfolding. When we traded below $45 we overlapped the previous rally and decline and unless this is an ending diagonal within an ending diagonal I'm calling this pattern full.
Now we look for clues that tells us wave V has begun. We need to trade below $37.50.
Best to all,
Chris
As overlapping as the price action has been, there's only so many to ways to count this pattern. Most everything is a 3 wave move and we never really sustained any momentum for a period greater than 3-5 days only to come back and overlap price and start again. As of this morning I am now counting this as an ending diagonal that has completed rather than an ABC. There's only so many subdivisions within an ABC and what has caused me to abandon the ABC pattern is this last move above $48 and now the decline unfolding. When we traded below $45 we overlapped the previous rally and decline and unless this is an ending diagonal within an ending diagonal I'm calling this pattern full.
Now we look for clues that tells us wave V has begun. We need to trade below $37.50.
Best to all,
Chris
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