Thinking about channels and Elliott counts. Bulllish ? Bearish ?
Trying to understand that move which all started with a 5 seconds whale buy...
Bullish case :
- we just hit bottom with green wave 5.
- we just started an impulse which is reaching green wave (iii) on purple resistance.
- we can then expect a pullback to retest that resistance as a new support before green wave (v).
Bearish case :
- we are about to finish red wave 4 on purple resistance.
- the green (i) (ii) (iii) are in reality corrective (a) (b) (c).
- we can then expect the completion of red wave 5 towards the 2800-3000 zone.
I honestly have no idea, and I'm watching price action with wide open eyes on the 5 minute chart...
Bullish case :
- we just hit bottom with green wave 5.
- we just started an impulse which is reaching green wave (iii) on purple resistance.
- we can then expect a pullback to retest that resistance as a new support before green wave (v).
Bearish case :
- we are about to finish red wave 4 on purple resistance.
- the green (i) (ii) (iii) are in reality corrective (a) (b) (c).
- we can then expect the completion of red wave 5 towards the 2800-3000 zone.
I honestly have no idea, and I'm watching price action with wide open eyes on the 5 minute chart...
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