Ford also has a Gap to Fill?
Observations on the Wave Count:
Primary Impulse Waves:
The count of 1-5 for an impulse seems to be accurate. You have a clearly labeled 5-wave structure moving upwards. This is likely a larger degree move, possibly at the "Primary" or "Cycle" level.
Wave 5 appears to have extended further compared to the prior impulse waves, which is common. Elliott Wave Theory suggests that either Wave 3 or Wave 5 can extend, and this seems to show that Wave 5 is the extended one.
Corrective Wave (A-B-C):
After the 5th wave, there is what looks like an A-B-C corrective structure. It's possible that this is a Zig-Zag correction based on the sharp drop after Wave 5 and the bounce that follows.
This seems to be followed by a potential expanded or running flat, where wave C fails to exceed the end of Wave A.
Recent Wave Count:
Your latest count appears to be unfolding into a smaller degree (minute or micro) corrective structure, likely a W-X-Y or some form of complex correction. The zigzag shown in the most recent wave count (image 3) suggests you're nearing the end of a corrective phase.
Wave 4 seems to have formed a triangle or complex correction, a common occurrence for 4th waves, which typically form either triangles or complex structures.
You seem to be working towards completing a fifth wave of a larger degree correction or starting a new impulse down.
Feedback on the Current Count:
Wave 4 Triangle or Flat:
If this is a triangle in the 4th wave, you're likely correct that the next move could be the start of a larger degree wave down (Wave 5) or an extension. Triangles generally precede the final move in the current direction.
If the count you've labeled shows a flat correction, make sure Wave C is equal to or longer than Wave A to confirm this pattern, especially if it's an expanded flat.
Price Levels & Key Resistance Zones:
The key resistance level at $12.05-$12.15 is important to watch for in confirming the start of a new trend, especially if the price breaks above or gets rejected strongly.
The gap shown on the chart may also influence the price action as gaps tend to act as strong support or resistance, and it's likely that the price will revisit this zone soon.
Divergences:
The oscillators at the bottom seem to show that momentum is waning. Divergences between price action and oscillators (like MACD or RSI) can help confirm the completion of wave structures, especially if the corrective structure is nearing an end.
Summery generated by my custom Elliot Wave GPT.
It seems we are seeing a rotation into domestic value with a eye towards Heavy industry?
Primary Impulse Waves:
The count of 1-5 for an impulse seems to be accurate. You have a clearly labeled 5-wave structure moving upwards. This is likely a larger degree move, possibly at the "Primary" or "Cycle" level.
Wave 5 appears to have extended further compared to the prior impulse waves, which is common. Elliott Wave Theory suggests that either Wave 3 or Wave 5 can extend, and this seems to show that Wave 5 is the extended one.
Corrective Wave (A-B-C):
After the 5th wave, there is what looks like an A-B-C corrective structure. It's possible that this is a Zig-Zag correction based on the sharp drop after Wave 5 and the bounce that follows.
This seems to be followed by a potential expanded or running flat, where wave C fails to exceed the end of Wave A.
Recent Wave Count:
Your latest count appears to be unfolding into a smaller degree (minute or micro) corrective structure, likely a W-X-Y or some form of complex correction. The zigzag shown in the most recent wave count (image 3) suggests you're nearing the end of a corrective phase.
Wave 4 seems to have formed a triangle or complex correction, a common occurrence for 4th waves, which typically form either triangles or complex structures.
You seem to be working towards completing a fifth wave of a larger degree correction or starting a new impulse down.
Feedback on the Current Count:
Wave 4 Triangle or Flat:
If this is a triangle in the 4th wave, you're likely correct that the next move could be the start of a larger degree wave down (Wave 5) or an extension. Triangles generally precede the final move in the current direction.
If the count you've labeled shows a flat correction, make sure Wave C is equal to or longer than Wave A to confirm this pattern, especially if it's an expanded flat.
Price Levels & Key Resistance Zones:
The key resistance level at $12.05-$12.15 is important to watch for in confirming the start of a new trend, especially if the price breaks above or gets rejected strongly.
The gap shown on the chart may also influence the price action as gaps tend to act as strong support or resistance, and it's likely that the price will revisit this zone soon.
Divergences:
The oscillators at the bottom seem to show that momentum is waning. Divergences between price action and oscillators (like MACD or RSI) can help confirm the completion of wave structures, especially if the corrective structure is nearing an end.
Summery generated by my custom Elliot Wave GPT.
It seems we are seeing a rotation into domestic value with a eye towards Heavy industry?
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