Is Elliot trying to tell us that this correction is over?
Elliot Waves are pretty distinct and almost to easy to read which makes one think if it can be true. Nevertheless we can clearly see the very strong trend of 5 impulse waves up on the left followed by also clearly obvious Expanded Flat correction 3-3-5 (abc, abc, 12345 blue waves on the chart).
Additionally after a very strong impulse cycle correction usually is not very deep and tends to end on FIB 0.382 which is almost the case on this ocassion as we came down right in the middle between 0.382 and 0.5.
Another thing is that on $9000 level we have exactly 35% retracement from the top and looking on the previous bull market we had usually between 30% and 40% pullbacks so we are smack in the middle of it.
Technicals sure does look like we may have reached the end of this pullback.
A lot of people became overly bearish on this recent correction almost like they are expecting continuation of the previous bear market, I'm with the new bull run crowd on this one simply because there are strong technicals indicating it, I guess we'll see soon enough.
Additionally after a very strong impulse cycle correction usually is not very deep and tends to end on FIB 0.382 which is almost the case on this ocassion as we came down right in the middle between 0.382 and 0.5.
Another thing is that on $9000 level we have exactly 35% retracement from the top and looking on the previous bull market we had usually between 30% and 40% pullbacks so we are smack in the middle of it.
Technicals sure does look like we may have reached the end of this pullback.
A lot of people became overly bearish on this recent correction almost like they are expecting continuation of the previous bear market, I'm with the new bull run crowd on this one simply because there are strong technicals indicating it, I guess we'll see soon enough.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.