Here's a quick update.... You can see pink subwave 3 completing. We are on sub-subwave 5 of pink subwwave 3. We'll see another pop down for sub-sub-subwave 3 of sub-subwave 5. LOL, i know i gets confusing... thats the thing above Elliot Wave, its like the freekin DiCaprio movie Inception. How far down the rabbit hole do we go?
It looks like we will finish on the 1- to -1 extension around 7850.
Then the will be some upward relief with subwave 4... we will likely rise to 8038 (0.236 fib) or 8155 (0.382 fib) before falling again for subwave 5.
Check out my previous post, which had full analysis! More to come!
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Hey guys, see my comments below... watch closely if we rise above 8165 (subwave 4) on the graph. That would mean i missed my wave count at the bottom has already hit at 8020 (subwave 3 on the graph).
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Okay guys, if we do drop down to complete wave 5, i've got my new targets:
Likely wave 5 bottom: 7974 to 7962
There could be some wick peaks down to 7919 / 7888.
I do not expect to hit 7889 or 7850... but always a small chance there could be a spike down to there.
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Damn it, made a mistake....
the 7974-7962 would be the next pop down. (sub sub wave 3) But there would be final sub sub waves 4 and 5 that should bottom at:
7919 to 7850
Unfortunately, I can't get more precise than this range. The fib levels aren't matching nicely, which raises a warning flag. But my target is 7919, with spikes down possibly to 7805.
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Wow guys, nailed it here! 7854 on the lowest candle wick.
Just remember, the timing of these analysis is never accurate. Only the price levels are considered accurate from the analysis, it could go much slower or much faster than the estimate given on the graph.
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One more warning guys.... I see the possibility of one more bump down. See the bear flag forming? I don't expect it to happen, but don't panick... if it does happen then that clearly is the wave 3 bottom before we go up for wave 4.
The easy trade would be to buy if there is one more bump down, and set a TIGHT stop loss below that buy. Because we do not expect ANY further downside action.... so if the analysis is totally wrong, and it suddenly keeps dropping like crazy, the stop loss will save you.
@Sipke82,
I'm gonna post my subwave 4 analysis now... just general target first. Then as the waves form within subwave 4... I'll chart the ABC waves.
UnknownUnicorn416662
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Awesome ! How sure are you about finishing @ $ 7850 ?
LLCoolRS
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@pseudomania,
7850 is a guesstimate right now, that would probably be the lowest... see the colorful array of lines? Those are fibonacci levels...
The higher lines are more likely... 7975 is a better target.
Now the thing I have to watch out for is if I got the wave count wrong, and we already bottomed at wave 3!
I'm watching the chart closely, if we go above my subwave 4 at 8165, then my count was wrong and 8020 was the bottom!
LLCoolRS
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@pseudomania,
See my comments below the graph for my updated targets!