Bullish count on left, bearish count on right.
Lots of gymnastics on the left, but it is still just a series of impulse waves up, with key higher low pivots held. There are different ways to interpret these impulse waves collectively, and the one I have chosen would get one complete impulse wave off low of 4963.50 to happen the quickest. Key price support at 5128.75.
On the right, bears are still looking for wave C of Z to finish. It would be quite an extended finish of the corrective structure.
Of the two possibilities, I favor the bullish one, for the following reasons:
-UVIX broke to lower lows during the bounce off 4963.50, which seems to reliable in terms of predicting additional upside
-key Fibonacci resistance levels have been broken
-length of time of the correction, which is now longer than the move down from 5333.50
Lots of gymnastics on the left, but it is still just a series of impulse waves up, with key higher low pivots held. There are different ways to interpret these impulse waves collectively, and the one I have chosen would get one complete impulse wave off low of 4963.50 to happen the quickest. Key price support at 5128.75.
On the right, bears are still looking for wave C of Z to finish. It would be quite an extended finish of the corrective structure.
Of the two possibilities, I favor the bullish one, for the following reasons:
-UVIX broke to lower lows during the bounce off 4963.50, which seems to reliable in terms of predicting additional upside
-key Fibonacci resistance levels have been broken
-length of time of the correction, which is now longer than the move down from 5333.50