It's struggling to break out from 107,500 after pushing up to 109,700.
Are you seriously thinking this is already wave iii?
Or do you just not know what's going on?
We need to be extremely cautious at this point.
If you're trading futures and already profited from the move to 109,700, now is the time to be careful.
This market is simply too difficult to read.
The previous rally was too fast with almost no retrace and too steep — and now, this prolonged correction is the market's way of paying back that correction “debt.”
But it's been dragging on for quite a while. That's a red flag.
The price falling back into the 107,500 area signals that we're likely still in the same corrective phase, or worse — this might actually be the beginning of a correction from the earlier rally, just like I suspected before.
I'm not ready to commit to any kind of statement at this point — the structure is too unclear.
Still in observation mode. DYOR.
