Which way? H&S or Elliot Wave
Just posting this more as a question of competing patterns. There have actually been multiple head-and-shoulder fractals within this giant coiling wedge. The wedge itself doesn't give direction, but does point toward possible future momentum. The question, though is whether it will follow the target of the largest H&S pattern, which looks to me to be between 22,000-19,000 depending on how you draw the pattern. On the other hand, you could count a 5 movie Elliot wave going up to the top, and then maybe count an ABC pattern coming down to the current position. I'm a bit new to Elliot wave theory, but I think the lengths look correct .. let me know if I'm wrong.
Anyway, if that's correct about the ABC pattern, then the wedge likely breaks upward; but if the H&S completes, then it probably falls dramatically. *shrug*
Thoughts?
Anyway, if that's correct about the ABC pattern, then the wedge likely breaks upward; but if the H&S completes, then it probably falls dramatically. *shrug*
Thoughts?
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