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4 Hour Chart Update

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I'm going to continue to use this 4 hour chart until it stops being useful as a way to see what's going on just because it has twice as much detail as the daily chart and we're looking at relatively short term moves.

I've put on here a possible count for this move down from 166p. I've labelled the count based on EWT rules allowing for crossovers and wave patterns. Having done this, it then seems to look more like a corrective wave than anything else. That would make it part of a wave 2 down rather than the wave 5 of C previously discussed. If so, then we ought to be in the final sequence of that (which would be wave c of 2 and should have 5 mini subwaves within it) and it points, again, towards that target area of 137-141p. There could be alternatives to this so I'm making no assumptions here.

Aside from EWT, we can see that price is making lower highs and has hit 147p twice. This is a bearish pattern, possibly a descending triangle, and suggests that sooner or later 147p will go. Note also how the RSI trendline is still playing its part and has become confirmed resistance today.

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Guest Wednesday, 17 August 2022