The Elliot Wave Count I'm presenting shows higher probability. I've spent hours counting fractals of sub waves of sub waves of larger waves.
Wave 4 correction of larger Wave C has completed. Some may argue that Wave 4 has breached Wave 1 territory. But the rule gives an exception, "Wave 4 never enters the price territory of Wave 1 (in highly leveraged markets you can allow a slight overlap)".
C has not even completed a 1:1 of Wave A which is why I doubt the 5 waves are in. For this count to stay valid 6550 needs to hold.
If we were to suppose that 5 waves are in then it would look like this
Wave 4 correction of larger Wave C has completed. Some may argue that Wave 4 has breached Wave 1 territory. But the rule gives an exception, "Wave 4 never enters the price territory of Wave 1 (in highly leveraged markets you can allow a slight overlap)".
C has not even completed a 1:1 of Wave A which is why I doubt the 5 waves are in. For this count to stay valid 6550 needs to hold.
If we were to suppose that 5 waves are in then it would look like this
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So far, so good.
I'm expecting a longer wave 5 though
Note
Update: Fractal Wave 4 and 5 targets. Wave 5 should be very profitable.
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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.