even more roads

Looking at the latest waves more closely, there seems to be more possibilities for next week.

Building upon Option 3 of last post. I have come with a count that doesn’t need another high for the wave b to be completed. In this case, we would have an expanded running flat, that doesn’t require wave c of b to end above b of b.

The reasons for this count are as follow:

In chart above you can see the Weekly Fib Pivot Points. Price stayed all last week under the central PP bouncing between it and the second support, which tells me the bias is still bearish. The PP was tested 4 times and didn’t give in. There is a bearish divergence between price action and the RSI, the full stochs are going down from overbought levels, and the slow stochs is about to top.

In the chart shows how waves a & c (that form part of wave b of bigger degree) are almost identical in size and slope, in which I think is called a “c is proyection of a” or something similar. Therefore, wave c seems complete (and it has 5 internal waves) and without need for more upside.

Since wave b went beyond wave a, this is an expanded flat, and since wave c didn’t end beyond b, this is a running flat; therefore, wave b of B is an expanded running flat, that doesn’t need more upside moves.

If this process were to be repeated in next scale, then we might have a wave c of B of about the same lenght and slope of wave a of B, which gives us a possible target of of 1.013ish and 3 trading days for completion. The target price seems a bit lower, so we might end somewhere between 1.0185 and 1.015 instead. On the same token, 3 days seem too little for the move, especially considering we won’t have NFP this week neither rumors of USD being dumped for oil trading, as last week, so wave c may end up taking the whole week to form.

With all those factors into consideration, I drew 2 more charts for this trading week, Option 4 with an impulse, and Option 5 with an ending diagonal.

Now we have not 3, but 5 options! EW is not short of choices, lol.

After all this and yesterday’s analysis, I think Option 4 is the most likely forecast, followed by Option 1 of last post.