Elliott Wave forecast: Three bearish scenarios
Updated
This chart assumes we're in Primary Wave A of Cycle Wave 4.
First scenario is a 5-3-5 sequence Zigzag.
Wave C may be extended out to any length.
Second scenario is an ABCD harmonic.
If this plays out, you can actually draw an XA leg (X placed at the June 8th-9th pivot) to form a Bearish Gartley.
Regardless, short entry near the 38.2% retracement is worth eyeing.
TP target is 1.618 fib extension of D-A
Third scenario is the ascending wedge to draw out the alternation bear sideways Wave 4.
Refer to the white dotted lines
Here's the Cycle Wave (Extended Wave 3: extension undefined) these scenarios are predicated on:
Here's a closer look at the Gartley harmonic:
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Note the point of this chart is purely to exercise EW theory.
Note price has broken above the downward trendline (white dashed line), which is technically Bullish.
---
Disclaimer: I am new to EW theory and don't claim this analysis is free of mistakes or errors with respect to EW principles and rules.
First scenario is a 5-3-5 sequence Zigzag.
Wave C may be extended out to any length.
Second scenario is an ABCD harmonic.
If this plays out, you can actually draw an XA leg (X placed at the June 8th-9th pivot) to form a Bearish Gartley.
Regardless, short entry near the 38.2% retracement is worth eyeing.
TP target is 1.618 fib extension of D-A
Third scenario is the ascending wedge to draw out the alternation bear sideways Wave 4.
Refer to the white dotted lines
Here's the Cycle Wave (Extended Wave 3: extension undefined) these scenarios are predicated on:
Here's a closer look at the Gartley harmonic:
---
Note the point of this chart is purely to exercise EW theory.
Note price has broken above the downward trendline (white dashed line), which is technically Bullish.
---
Disclaimer: I am new to EW theory and don't claim this analysis is free of mistakes or errors with respect to EW principles and rules.
Note
Full wave count:Note
Price rejected at Intermediate Wave 4 fib projection. If 12.6k holds then we could still be in Primary Wave A (of Cycle Wave 4)
Alternative count that's less bearish:
Assumes a double zigzag pattern:
Disclaimer
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