I was a little to early with callling that wave 3 was in and did not expect that ending diagonal at the end. So far targets the have not changed a lot. Depending how we get to these levels this is potentially still a nice buying oppertunity. This could be a (W) Zigzag in the first wave of the correction (WXY likely).
Trade closed: target reached
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We hit 31k target area much faster than anticipated, looks like we got an extended 5th in an extended 5th scenario for the C leg. Time will tell if this is the W of the larger correction or this completed the wave 4 completely.
Hi. I caught a glimpse of a recent chart of yours on the latest Chart Champions YT update. I could see that you're looking at a larger WXY wave, with a smaller WXY within it. I don't know Elliott wave theory well yet, though as time allows I hope to advance. Meanwhile, I'd been more or less winging it, seeing and tracking patterns that make sense to me; looking back at previous corrections and bull runs, comparing fractals, running Fibonacci levels and trying to find a degree of probability. The C Wave in this larger ABC correction surprised me. I was expecting a significant drop, but with the base coming in at 40. I was tracking the unfolding wave on multiple timeframes, especially lower timeframes, and watching the structure (for me, a seven-wave structure) form. However, it didn't end at 40 as we know: it dropped right through that level, which put all my Fibonacci projections out of whack. Since then, I've been trying to understand what is exactly being printed here. I keep coming back to the apparent difference between the A Wave and the C Wave until now. I don't believe in scam wicks and the like. Wicks seem to me to be part of logical structures. So I can't shake the idea that we have another major level to reach to the downside, which for me would be around 18-21. Every day since 19 May I've been trying to confirm or invalidate this endpoint. The whole consolidation period (if that is what it is) has for sure gone on much longer than I would have expected. But the C Wave is surely massive, and being part of a broader Wave 4, it wouldn't surprise me to see a further dramatic reach down. The A Wave has what we might as three levels. But the C Wave has only two, so far. Additional confluence comes from the existence of CME gaps (marked in red zones on my chart), the 200 W EMA, which is down around 18k, and the bottom of the logarithmic growth curve, which is also down around the 20k level. So I was alerted when I saw your larger Y, also down in the low 20s.
I'm not sure I have a question, but I guess I wondered what your current thoughts are.
I know my count is irregular, and invalid from a EWT point of view. Until now, I find sevens easier to identify than fives. But it remains to be seen how much mileage there is in that, as opposed to a traditional EWT count and analysis.
Please excuse me if this chart seems amateurish and idiotic. I'm inexperienced and I have a lot to catch up on.
BigBangTheory
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nice!
superbid116
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Please let this come to pass.
idfk
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Hi Younez I was wondering if you have an updated plan? Do you feel like 4 is already in? Much appreciated!
godslayer76
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Amazing TA!
akshatmittal2014
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Would you say that the W of the 4th is in? OR can the C within the W extend 1618 times its A ?
Younez
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@akshatmittal2014, I would say that W is in if this is going to be a WXY... that's not sure yet.