AXS Elliott Wave Analysis : Will the pivot hold?
Bullish scenario from last chart played out pretty good.
Looks like there was a pivot put in at that point.
But will it hold?
So a couple things of note for me when I look at this PA stand alone in a bubble.
Currently the PA is nearing an Invalidation area, once it crosses 56.60.
But I still think there is a chance that a motive wave, expanding Diagonal, could still be considered.
Another option still on the table, is a 1,2/1,2.
The 3rd short term bullish option would be that there is a completed ZZ and the move down from 71.78
could be an X wave, but I have not zoomed out to consider the context to see how it could fit.
Holding 46.01 would be a key pivot to hold for these options to stay viable/considered.
The Bearish option is that a ZZ has completed and a new low is possible.
A completed ZZ does not necessarily mean the correction is complete as it could be the gateway to a
larger corrective structure.
If it breaks below 55$, by more than just a wick, and throws back for a retest that could lead to a LL as well.
But for now watching this area.
Already in the algo buy zone, but would be even more interesting if there is one more low to test the support
as well as there is ample other factors to contribute to the confluence, MO.
Algos
Previous Flip
Some Elliott Wave fibs as well.
Staying above 53.50 would be ideal.
Looks like there was a pivot put in at that point.
But will it hold?
So a couple things of note for me when I look at this PA stand alone in a bubble.
Currently the PA is nearing an Invalidation area, once it crosses 56.60.
But I still think there is a chance that a motive wave, expanding Diagonal, could still be considered.
Another option still on the table, is a 1,2/1,2.
The 3rd short term bullish option would be that there is a completed ZZ and the move down from 71.78
could be an X wave, but I have not zoomed out to consider the context to see how it could fit.
Holding 46.01 would be a key pivot to hold for these options to stay viable/considered.
The Bearish option is that a ZZ has completed and a new low is possible.
A completed ZZ does not necessarily mean the correction is complete as it could be the gateway to a
larger corrective structure.
If it breaks below 55$, by more than just a wick, and throws back for a retest that could lead to a LL as well.
But for now watching this area.
Already in the algo buy zone, but would be even more interesting if there is one more low to test the support
as well as there is ample other factors to contribute to the confluence, MO.
Algos
Previous Flip
Some Elliott Wave fibs as well.
Staying above 53.50 would be ideal.
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Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
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