Let's give it another go. Following is the analysis I already gave. First chart is the the 5 + 3 wave pattern. Second chart is the Rounded Bottom Pattern . Anyone like to discuss the wave pattern. I'd be happy to. This is two possible scenarios that can play out.
Looking at the chart prior to Friday. It did look like a Rounded bottom pattern with handle. After Friday's action and a few more signals coming to light. I can also see this as a 5 + 3 wave pattern. With us sitting in the A corrective phaze. My strategy is now to receive the confirmation of
A) It being a handle, therefore we should see a continuation on Monday.
B) It has in fact entered the A,B,C corrective waves and we see a retrace to 4.8.
As I'm not in at present. I am only awaiting the confirmation before I re-enter. Higher lows are only one signal. We always have to take the entire charting landscape into account. Without higher lows the 5 + 3 wave pattern would be unable to form.
All in my opinion.
chart 2.
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