Following yesterdays ATH today will decide which d MF is the valid one.
The two options are shown below where I have added MAP Wave confirmation of D1 and Fork confirmation at the d fractal scale.
Next we can see from the d234 fork that prices made a low below the MLL. Babston AR (Action Reaction) theory is that if prices return to the expected trend expect an equal (Newtonian physics - for each action there is an equal and opposite reaction)overshoot which we have had prior to prices returning into the d234 fork. On the deci scale what ever caused it - this is noise - and this is how it is filtered out! We do not yet know where pivot 1 is so we don't know if it is noise on that level, however on the W scale it is not noise - still within expected range.
Also I have added in support and resistance levels.
What is obvious though on the daily chart is that it is a pivot 2 as a new high was made, however to follow that scale we need to know pivot 1, so we cannot draw the 012 fork on this chart.
Before we look at the hourly chart I want to show you the possible wave d5 channels as prices have broken the d234MLL and MLU. This is a MF where the ML is pivot 3 and MLL pivot 4 and the MLU definition point is pulled up until the MLL intersects with pivot 2.
This channel revises D1 to 14 November, however this may change if there is further wave subdivision!
So where are we in d5? We look at the hourly chart.
First thing to note is that there actually is more room on the hourly chart for prices to move than the image from the daily chart.
Firstly how do we confirm c2? (Bill you asked this elsewhere) - take the d234 SP to 1 (d234 fork and slide ML to pivot 1) and if prices have dropped a cycle - in this case centi which is from ML to MLL or MLU) we see c2 was made on the MLL of the d234SP1.
I just saw markets opened and so will publish this so far and carry on!!!!!!