Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly.
It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up for one more high towards $60-$63 before the new low below $42 comes.
A double top and bearish divergence on daily suggests more downside to come in the next few weeks.
A wave completing before the correction for B and then C upward >
Exactly as what I have in mind for the Daily ABC / WXY count. For last Friday's bearish candle, I'm thinking of probability of ABC of wave 4 of 5: If we take wave (A) as wave 4 and wave (B) as wave 5, it's kinda weird because wave 4 overlap wave 1 but it doesn't look like a diagonal.
Anyway, that's more like a hunch, I guess. hehe...as you know, EW sometimes can be very nasty! :D
On Price Action perspective alone, it's definitely a reversal already; Double Top with two strong bearish candles (the fakey and bearish engulfing) bounced at strong resistance.
If we take wave (A) as wave 4 and wave (B) as wave 5, it's kinda weird because wave 4 overlap wave 1 but it doesn't look like a diagonal.
Anyway, that's more like a hunch, I guess. hehe...as you know, EW sometimes can be very nasty! :D
On Price Action perspective alone, it's definitely a reversal already; Double Top with two strong bearish candles (the fakey and bearish engulfing) bounced at strong resistance.
Let's wait and see what it will be tomorrow. :)