As a newcomer to Elliot, my correction pattern might be off. If it isn't, I've calculated:
1) Fib retracement at historic bounce off level.
2) Second downward wedge (in orange) signaling a bullish breakout.
3) Support from the past two years acting like the end of the triple Elliot correction wave.
1) Fib retracement at historic bounce off level.
2) Second downward wedge (in orange) signaling a bullish breakout.
3) Support from the past two years acting like the end of the triple Elliot correction wave.
i. On the (X) to (Y), we just finished A, making this bounce B, which leaves C for some future shorting.
ii. We truncated C in the golden pocket of the fib on my image, this is now Wave 1 of our new rally.
iii. Bull trap! (highly inprobable, given that we've surpassed yesterday's volume already and it's only noon UTC time).
Right now my new wedge is our months-old support and the 13 MA on a daily chart -- if we confirm above that MA, then I think we have a chance at 10-12K.