Idea is based on a combination of Elliot wave theory and median line analysis. The rationale behind this technical analysis is shown on the chart along with a specific target and stop loss ( daily close at this sl invalidates the idea!). Good luck!
$2 seperate wave 4 from wave 1... close but didn't cross. RSI still an issue maybe, but EW still is in play here.
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Very nice input Ni6HTH4wK, thank you!. I will be honest, I am fairly new to the application of EW, however, I am very familiar with median lines and the scenarios that arise from two contradictory slopes like we are seeing here. The larger slope always prevails! I expect the upward slope to get broken (we have already crossed much of it!!) and thus that we are headed as low as at least the quartile (dashed green line of the green fork). After that I think we will have room for an upward movement.
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Could you please tell me what the significance of the wave angles is? is there a guideline regarding those upon which you can distinguish between impulse and correction? appreciate your input!
GordonMDoherty
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I can not help feeling that this is again a major player (China) setting up for a big buy campain.
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reversal should start in this or the next hour! we just had a headfake!
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sorry that last comment contains a faulty pitchfork. Here is the right one...