Update to the charts. It is interesting that the SP movement has matched the chart before last. So I shouldn't have adjusted it as it turns out. The predicted bottom of wave C was 529, and we actually got 522. So at this point WBT is actually following the expected pattern for the EW waves. SO where are we now?
This is the prediction in the near term based on todays (and the last few days') movements on the 1 minute chart (in the discussion after the daily chart these waves are referred to as subsubwaves):
So in the near term I am predicting 563, which if it continues to adhere to the Fib timeline (the vertical lines) should occur around noon tomorrow. These do seem to be predicting turning points reliably at the moment. Note that the ABC correction pattern is still showing my adjusted correction target, rather then the original (and as it turns out, actual).The green horizontal lines are the trade by prices, the red are the traders sell targets.
Now we turn to the daily chart to see how we are progressing and whether there is a match to the intraday movements:
This is the chart from a few days ago. (Here waves are marked with orange circled numbers & subwaves are marked with green circled roman numerals). We are currently on wave 5, and either completing subwave 2 or starting subwave3. You will note that here I predicted subwave 2 could get to 500'ish (being the 78% fib retrace of subwave 1, but 50 & 61% are also ok as targets, just not as common)), so we could yet see some further decline. Based on retreating to the 78% point we get a suwave 3 target of 793 and a subwave 5 target of 891+, but given today gave us reversal pattern intraday at the 61% fib line it is possible that we will instead only reach 522 in the retrace (roughly the 61% fib), which will give higher targets for the daily SW3 & SW5. Tomorrow's range is marked in magenta as 532 - 563, and today's predicted range is marked in pink 525 - 553. The actual achieved was 522 to 548. If it continues in the marked rising channel for a couple more days there is a very high likelihood that the retrace is complete HOWEVER, I am leaning towards this more likely being only a bounce (in spite of the intraday reversal pattern on the 61% fib), and that it will run up to 563 only over the next day (thus cancelling the intraday subsubwave 5, and making this a correction pattern) and then complete the subwave 2 retrace more or less as originally predicted over the following couple of days. Note, however if it continues after subsubwave 3 to form a correct susbsubwave4 and subsubwave5, it becomes very unlikely that it will retrace back to 500'ish, as the subsubwave 5 target is higher than the previous major peak of the ABC correction pattern and it would thus be malformed, so the behaviour after subsubwave 3 tomorrow matters heaps. As 61%fib is a strong retrace target candidate, we should be on the lookout, however, for this to be the start of subwave 3. Note that WBT remains in the LT rising support channel started in Aug 2020, so everything appears to be unfolding as it should.
(20min delay)