Currently, the price is still sideways at 108200
There are 2 major possibilities
1. This is the fourth leg that hasn't finished yet because it's too strong and wants to move to the fifth leg in the ABC zigzag. If the market is too strong, the fifth leg could disappear & the market could go straight up from this area to a New ATH. This aligns with the situation of the rise from 105100-110529 which has almost no retrace/drop because it is impulsive.
The low of leg 3 is around 107200, so that's the low.
Thus, the label remains wave ii in wave iii
2. The second scenario is that this is just the second leg (remember the drop from 108.9-104k to 98200) which has an extended long leg 3. What was thought to be the fourth leg turns out to be just the second leg. And the third leg drops to 98200.
So with the current market conditions
I am considering the scenario of a change in the wave count label if from the current area of 108200 it drops below the 61.8% retrace at 107157. Because usually it is no longer the behavior of a small wave 2 within a subwave. Please monitor the area 108200-107157 because if it breaks, then a revision of the wave count will be necessary to become
i 98200-110529 (finished)
ii Wave 2 110529- ??
**105.801**
**104.365**
**102.928**
