The gap open higher today filled a gap from the COVID crash earlier this year. The minimum waves can be counted in place to consider this retracement higher as terminated.
With such a count in hand, don't rush out to short. Let the market confirm to you that a top may be in. Wait for lower levels to break. If today's gap fills (tan box), it indicates a swing top is in. The question is whether that swing high is minor or major. Keep an eye on the upward sloping trend line too.
Anticipating a retest of the lows if/when this breaks down.
With such a count in hand, don't rush out to short. Let the market confirm to you that a top may be in. Wait for lower levels to break. If today's gap fills (tan box), it indicates a swing top is in. The question is whether that swing high is minor or major. Keep an eye on the upward sloping trend line too.
Anticipating a retest of the lows if/when this breaks down.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.