Here is my take on playing around with Elliot. My assumptions are: Institutional trades started to make moves towards the end or after the 2017 bear market and Covid a Black Swan and if it did not happen there wouldn't have been the big dip.
So my 0 for Elliot is the bear market low.
When calc. 1& 2 at the first reversal. March 2020 shows concern, but I wrote this off as a market collapse and not orchestrated-Black Swan.
Then used Fib levels to verify the 3, and 4 retracement and confirm the 5.
Looking at the peak a 5, I could then use that as a 0 and start again. All levels match up where we are in a weekly 4 and about to drop down even lower when the 4 is finished between my 2 orange levels.
So my 0 for Elliot is the bear market low.
When calc. 1& 2 at the first reversal. March 2020 shows concern, but I wrote this off as a market collapse and not orchestrated-Black Swan.
Then used Fib levels to verify the 3, and 4 retracement and confirm the 5.
Looking at the peak a 5, I could then use that as a 0 and start again. All levels match up where we are in a weekly 4 and about to drop down even lower when the 4 is finished between my 2 orange levels.
Comment:
Either move can bring us to the 28k range which is expected by man, I think if we do see a 5 wave down the top orange line is a solid point and I have buy orders place there for long-term. Keeping some cash incase we go further to trade.
Current levels are based on price point at time of writing, as seen on the Stoch there is room to go down on the daily, and even on the 4h there is a little room as well. Weekly stoch is leveling out at oversold, but the bigger trend down of RSI shows we have room it you like the RSI for long trends better.