SUMMARY
The blue arrow shows how any good Technical Analyst might call it a bounce awaiting a lower low. But even at this early stage of the bounce, not enough sellers were populated so that price had to go up. The price neared the upper white line, I had posted a criticaljuncture alert and noted the significance of breaching the upper white trend line. Still, there is a scenario for a one more slightly lower low if price wanted closer proximity to the Apex.
The September correction showed an upward pointing wedge as shown in below chart.
IF price goes below the upper white trendline and stays there, then we have a different scenario and analysis will be updated. The red ABC waves have been labeled and the subwaves fall well into place.
Still, there is a scenario for a one more slightly lower low if price wanted closer proximity to the Apex.
Legal Disclaimer: This post is for general information only. No information, forward looking statements, or estimations presented herein represent any final determination on investment performance. While the information presented in this post has been researched and is thought to be reasonable and accurate, I cannot and do not guarantee any rate of return or investment timeline based on the information presented herein.
