This may be 1 of 2 most probable pathways....either we see a simple ABC or and expanded diagonal/triangle consolidation.
based on the "law" or guideline of alternation: MORE LIKELY that it is not a simple ABC and in fact a larger ABCDE correction
https://forex-indicators.net/files/indicators/Elliott_Waves.pdf
Alternation
The guideline of alternation is very broad in its application and warns the analyst always to expect a difference in
the next expression of a similar wave. Hamilton Bolton said, The writer is not convinced that alternation is inevitable in
types of waves in larger formations, but there are frequent enough cases to suggest that one should look for it rather
than the contrary.
Although alternation does not say precisely what is going to happen, it gives valuable notice of what not to expect
and is therefore useful to keep in mind when analyzing wave formations and assessing future possibilities. It primarily
instructs the analyst not to assume, as most people tend to do, that because the last market cycle behaved in a certain
manner, this one is sure to be the same. As "contrarians" never cease to point out, the day that most investors "catch on"
to an apparent habit of the market is the day it will change to one completely different. However, Elliott went further in
stating that, in fact, alternation was virtually a law of markets.
HOWEVER, it is likely still a B-wave and therefore just a bounce before further consolidation/ aka quick flip around $165.00
not financial advice just education
based on the "law" or guideline of alternation: MORE LIKELY that it is not a simple ABC and in fact a larger ABCDE correction
https://forex-indicators.net/files/indicators/Elliott_Waves.pdf
Alternation
The guideline of alternation is very broad in its application and warns the analyst always to expect a difference in
the next expression of a similar wave. Hamilton Bolton said, The writer is not convinced that alternation is inevitable in
types of waves in larger formations, but there are frequent enough cases to suggest that one should look for it rather
than the contrary.
Although alternation does not say precisely what is going to happen, it gives valuable notice of what not to expect
and is therefore useful to keep in mind when analyzing wave formations and assessing future possibilities. It primarily
instructs the analyst not to assume, as most people tend to do, that because the last market cycle behaved in a certain
manner, this one is sure to be the same. As "contrarians" never cease to point out, the day that most investors "catch on"
to an apparent habit of the market is the day it will change to one completely different. However, Elliott went further in
stating that, in fact, alternation was virtually a law of markets.
HOWEVER, it is likely still a B-wave and therefore just a bounce before further consolidation/ aka quick flip around $165.00
not financial advice just education
Trade closed: target reached