Well, obviously happy that this is rebounding where it should and support did what it's supposed to do. Daily chart now look good. However, the start of this move up did not look terribly impulsive so until we can make a clearly corrective retrace from wherever it tops and take out that high afterwards, gonna stay alert for a possible failure. Because the structure is not clear, I'm unable to make an assumption as to where this may top and even less so as to wether we are following the blue or pink path. In any case bear in mind these were proposed paths that would be the most textbook shall we see:
-in pink a 100 extension
-in blue the full impulse
In any case it's impossible to make great assumptions on the path and various likely tops and bottoms of waves until we''ve seen more upside structure and the first corrective wave. So as of now there's not much more I can say apart that support is holding for now and it's nice to see a semi-convincing move up from it.
Sure, I can wave-slap a micro-structure where 2 more highs would create a full 5 up impulsive move, likely to 0.053-0.06 which would fit the pink count rather well, but truth is that is trying to make the waves fit an outcome more than using the waves to try and find out the most likely outcome. My plan for now is just holding what I have and add on any clearly corrective structures that is deep enough, especially if they look like a micro wave 2. If I see anything that makes count/plan/target/support clearer I will post it here - likely after I've taken action though as I'm sure you understand. A little disappointed that I did not load even more near the lows but hey it's always easy to regret afterwards... There shall be more trading opps on this one. Far from done IMHO if it's going to follow through.
