Here is my take on $CAKE (I’ll see myself out now). It’s funky but we can get a diagonal counted out of the move down so far, complete with an underthrow. The low last month looks capitulatory to me, so I think it might stick for a while. A bit of a funky inverse is also possible. Where I have my big orange A was very close to the 50% retracement of the whole move from the crash lows, so it’s possible that the whole correction is complete. To be conservative, I won’t call for that, but rather, just a countertrend bounce to the orange box above for B. If it goes up in 5 waves, I’ll have more confidence that the low is in. If up in only 3, then we may see a fuller test of the lower orange box and perhaps a super-long-term moving average.
Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few months), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, Tier 1 members ($20/mo.) get access to the articles, Tier 2 members ($35/mo.) get access to those, plus counts on about 20 other instruments, plus Discord server access.