$ETSY - Near Top; Pending Deep Retracement - 08 AUG 2018

ETSY - Near Top; Pending Deep Retracement - 08 AUG 2018

Tentative wave count suggests completed bullish impulse, pending correction
CROW Code calls for correction at current vicinity
CROW eyes 28.97 BULLISH reversal

Overall - Bearish; pending corrective

Risk Line (dashed curve) suggests:
1 - Pushback at/near 40.86 (RED)
2 - Reversal at/near 48.64
3 - Break of 40.86 opens floor to bears
4 - Significant support at target: 28.97.

INVALIDATION - If price breaks > 50.60, current predictive analysis/forecast becomes void.

David

Note

UPDATE - - 10 AUG 2018:

Price moving towards forecast target as expected.

:

$ETSY/H4:

$ETSY/H4: Watch for alternate count in PINK, justifying loftier target.

OVERALL:
Expect significant resistance at forecast target.

INVALIDATION: Breach of 50.60 would defer reversal at loftier TG-u = 55.13

Note

TECH-NOTE - - 10 AUG 2018:

GAPS vs. Wave Count:

Traders,

Rationale for probable retracement is also supported on the basis of GAPS versus Wave Counts, such that, in a fast moving market:

1 - Wave-1 is typically associated with BREAKAWAY GAPS
2 - Wave-3 is typically associated with RUNAWAY GAPS
and
3 - Wave-5 is typically associated with EXHAUSTION GAPS.

$ETSY/H4 - Market Gaps versus Wave Count:

In THIS particular case, the tentative Elliott Wave count suggest that a GAP occurred along a 5th wave (i.e.: wave-v in the chart) IF the tentative wave count is correct (BLACK).

In contrast, the alternate wave count (PINK) would suggest that TWO runaway gaps occurred.

Cheers,

David

4xForecaster

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