WULFAccording to the bearish alternative in my weekly frame (not the chart above and not posted recently), the entire countertrend rally, which has developed in an ABC zigzag sequence as anticipated in the analysis which I posted on May 12, may have reached a very late stage where an expanding diagonal remains at the start point of a final advance as its 5th subdivision. It would be an ending rise of the entire correction upward since April 9.
WULF's Bearish Alternative :Wave Analysis >> As depicted on this 2h-frame above, the structure of the entire countertrend advance, which has developed since April 9, may be considered in a thorough ABC zigzag correction, in which Minor degree wave C should have reached its very late stage now. It would likely achieve its expansion target at 5.55.
And it was a 170% gain of a countertrend rally!!
>> Now, 13% advance is left to complete a possible ending expanding diagonal as the wave v(circled) of C.
Trend Analysis >> The uptrend would likely change to down in an Intermediate degree wave (C) very soon!! It will likely last until the end of the year.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.