1 Oct 2020 ● 01:26 PM
The first fule of an impulse wave in EW analysis is that wave 2 should not fall below the starting point of wave 1. So even when you anticipate a bottom and the low breaks the larger view does not change. We have to wait for wave 2 to confirm from momentum indicators, plus a higher high higher low pattern plus a move beyond the moving averages. This is what I am saying in all my posts on banks today. So from the low of wave A, 3=1 was at 571, now that calculation just changes to 510. Wave 3 up is still on the cards because the low of 195 for wave 1 is still the lowest point and not broken.