wave v of 5 of 1 is the blow off. while it looks like a "third of the third", that count was invalid when its base at iv was taken out. what is happening now? wave 2 has retraced to the "area of the fourth wave of lesser degree" in a clear three-wave corrective a followed by a weak and short b which i would suggest an intrad-day chart would show another three-wave correction (i don't have that chart). the question is, has wave c of 2 ended? this is where the ewp is subjective as it isn't as much forward looking as rear looking. we all need to play to our strengths, so in that sense i suggest completion is probable. why? let's look at the internal construction first: 1) wave c of 2 cannot be a five-wave "a of 2" as waves 1 and 4 of that proposed wave a overlap. 2) wave c of 2, as marked, was sharp via a gap, indicating an end to the sell-off consistent with all wave c characteristics. 3) wave 2 is in the fourth wave of lesser degree on two degrees, iv and 4 which satisifies common retracement characteristics. 4) on that note, a is in the iv degree of trend while c/2 is in the 4 th degree of trend. wave v of 5 of 1 is the blow off. while it looks like a "third of the third", that count was invalid when its base at iv was taken out. what is happening now? wave 2 has retraced to the "area of the fourth wave of lesser degree" in a clear three-wave corrective a followed by a weak and short b which i would suggest an intrad-day chart would show another three-wave correction (i don't have that chart). the question is, has wave c of 2 ended? this is where the ewp is subjective as it isn't as much forward looking as rear looking. we all need to play to our strengths, so in that sense i suggest completion is probable. why? let's look at the internal construction first: 1) wave c of 2 cannot be a five-wave "a of 2" as waves 1 and 4 of that proposed wave a overlap. 2) wave c of 2, as marked, was sharp via a gap, indicating an end to the sell-off consistent with all wave c characteristics. 3) wave 2 is in the fourth wave of lesser degree on two degrees, iv and 4 which satisifies common retracement characteristics. 4) on that note, a is in the iv degree of trend while c/2 is in the 4 th degree of trend.there are other technical aspects to review. volume is light, fib retracements are satisfied (pls dyor here) macd's and stochs (as indicated by a2020) and, of course, the long term support at 5cps. this price should hold if 2 is complete. however, 4.6cps must hold if the (red) wave two down is complete. trade accordingly. all the best...
UXA Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
