nice analysis. i am just curious though as im still learning, but:
how did you come up with where to draw your fib retracement (100% point)?
and for the elliot waves, is it possible the top of wave 3 is at the peak on November 8 with the top of wave 5 already occuring at the peak on December 17? which would mean that its time for the 3 corrective waves?
iamthewolf
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@melad360, Thanks.
Fib line is "0" at start of waves and the top of wave 1 is at .382. The remaining move should be .618 from "0" to get to "1"
For EW, the 11/8 peak is likely of a lower level wave (my wave 3). I'm displaying a larger 5 wave movement. A good indicator is the peak of RSI for my wave 3 exceeds the peak of Nov 8 (more strength). Note the low of RSI at Nov 11 is too shallow compared to the current RSI low. Look for current drop in RSI to match larger declines (Sep 15, Jul 15).
melad360
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@iamthewolf, very interesting, that makes a lot of sense. thank you for the explanation!
how did you come up with where to draw your fib retracement (100% point)?
and for the elliot waves, is it possible the top of wave 3 is at the peak on November 8 with the top of wave 5 already occuring at the peak on December 17? which would mean that its time for the 3 corrective waves?