The wave is currently finalized and is working as planned:
I ended the previous post pointing at the lack of the volume required to confirm trend reversal at supposed point 5.
And in fact, for quite a while the price kept slowly drifting up and down without substantial moves in any direction.
This situation lasted until bearish volume spike on 07/11 that initiated real trend reversal.
It is also necessary to point out that though that spike was only medium in nature, but the change in its volume compared to previous data was sudden and drastic.
Later the volume changes were driving the price accordingly up and down, but most importantly the local bearish trend was established and continued successfully.
Currently, the price is close to the crossing of the line 2-4 at which volume dynamics should be carefully monitored as this may provide a good tip if this is really the end of the analyzed downtrend.
If you have any questions, feel free to ask in comments or PM me.
I ended the previous post pointing at the lack of the volume required to confirm trend reversal at supposed point 5.
And in fact, for quite a while the price kept slowly drifting up and down without substantial moves in any direction.
This situation lasted until bearish volume spike on 07/11 that initiated real trend reversal.
It is also necessary to point out that though that spike was only medium in nature, but the change in its volume compared to previous data was sudden and drastic.
Later the volume changes were driving the price accordingly up and down, but most importantly the local bearish trend was established and continued successfully.
Currently, the price is close to the crossing of the line 2-4 at which volume dynamics should be carefully monitored as this may provide a good tip if this is really the end of the analyzed downtrend.
If you have any questions, feel free to ask in comments or PM me.
Trade geschlossen: Ziel wurde erreicht:
The analyzed Wolfe wave reached line 2-4 and thus formed point 6.
The index attempted to breakthrough lower, but faced strong resistance confirmed by volume spikes. At this stage, the work of the pattern is over and I consider this wave to be completed successfully:
The index attempted to breakthrough lower, but faced strong resistance confirmed by volume spikes. At this stage, the work of the pattern is over and I consider this wave to be completed successfully:
