We had near vertical hike in price and I admit that it was difficult to match the wave count when I tried earlier (see links). But I feel we are close to the top if not topped out.
I tried to justify with the wave count which is showing that we are in the final 5th subwave (blue) of the 5th wave (white), or this could be the X or B wave (fake rallies/Bull traps) of a correction assuming that we topped out or we may have a truncation where the 5th subwave falls short of the 3rd subwave. Either-way, the safe approach is to wait this out and see what the market is doing, a major correction is long overdue.
"Even if a fifth wave extends, the fifth of the fifth will lack the dynamism that preceded it. During advancing fifth waves, optimism runs extremely high despite a narrowing of breadth"
Section 2.4 from the book - Elliott wave Principles (elliottwave.com/Free-Reports/Elliott-Wave-Principle)
I tried to justify with the wave count which is showing that we are in the final 5th subwave (blue) of the 5th wave (white), or this could be the X or B wave (fake rallies/Bull traps) of a correction assuming that we topped out or we may have a truncation where the 5th subwave falls short of the 3rd subwave. Either-way, the safe approach is to wait this out and see what the market is doing, a major correction is long overdue.
"Even if a fifth wave extends, the fifth of the fifth will lack the dynamism that preceded it. During advancing fifth waves, optimism runs extremely high despite a narrowing of breadth"
Section 2.4 from the book - Elliott wave Principles (elliottwave.com/Free-Reports/Elliott-Wave-Principle)
Note
We appear to be in the 4th subwave correction, it being a triangle or a WXY flat correctionNote
Definitely on our trackNote
We bounced hard from the 0.618 Fib retracement blue line . There is a high chance this is a ABC flat correction or ABCDE triangle consolidation. Either way it will be a sideways corrections Makes sense on the assumption that this is the 4th subwave as per the original idea
Note
Alternative count with a similar target as the original idea. Here we can see the fib retracements are great with wave 2 at deep correction of 0.786 and wave 4 as a shallow 0.236 fibPlay safe in the 5th wave
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Related publications
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.