The count is very good. This Elliott wave structure has many good things going for it:
(Red = Intermediate) Waves (1) to (5) and (2) to (4) perfectly connect on a very precise parallel channel trendline(s).
The subwaves are all there.
Wave (5) seemingly ends in an ending diagonal triangle (EDT).
The “proof” of the ending triangle is that prices collapsed to beyond the starting point of the EDT. That occurred today.
Corrective waves (2) and (4) alternate in form. Flat vs. zigzag. This is a good EW structure trait.
Peak RSI on the medium and long-term charts is where we expect it to be; at the subwave 3 of 3 or wave 3 in general with declining RSI strength as the wave structure advances to peak.
Prices bounced perfectly at the long term lower trendline. This could be the wave 1 down low. We shall see if a significant bounce occurs. It would be the logical spot.
Additionally, prices reached a significant horizontal support line. A logical bounce spot.
(Red = Intermediate) Waves (1) to (5) and (2) to (4) perfectly connect on a very precise parallel channel trendline(s).
The subwaves are all there.
Wave (5) seemingly ends in an ending diagonal triangle (EDT).
The “proof” of the ending triangle is that prices collapsed to beyond the starting point of the EDT. That occurred today.
Corrective waves (2) and (4) alternate in form. Flat vs. zigzag. This is a good EW structure trait.
Peak RSI on the medium and long-term charts is where we expect it to be; at the subwave 3 of 3 or wave 3 in general with declining RSI strength as the wave structure advances to peak.
Prices bounced perfectly at the long term lower trendline. This could be the wave 1 down low. We shall see if a significant bounce occurs. It would be the logical spot.
Additionally, prices reached a significant horizontal support line. A logical bounce spot.
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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.