My first ever trading view post!, more of a self documenting of ideas as I don't have any followers (nor am I looking for any!)
I'm just learning to trade and been looking at elliot waves on very long times-frames...so, this would be a classic 12345 and and ABC since 2010! Mad perhaps, but got to consider all options!
2009-12 - wave 1-2 impulse
2012-15 - wave 2-3 impulse
2015-18 - wave 3-4 impulse
2018 - now...corrective pattern, 2 options:
Next potential moves...
1: ABC correction - this would be scary.
Since 2018-19 would be A-B and we're currently top of B, elliot wave would say a C would go below A, hence below 3200. Damn, REKT again!
2. Less scary and good opportunity, ABC, but C doesn't go below A and forms a smaller ABCDE pattern before breaking higher, which could be similar to 2010 corrective pattern.
If smaller wave ABCDE correction upcoming, potentially some from of triangle as shown (and same as 2010 correction shown) and could be in the 4-6k range and good buying opportunity.
2020 start of another 1-5 impulse for many years!
If this were to play out, there would be a nice correction to 4-6K - buy the first deepest dip and wait for triangle breakout to enter another multi year long.
3. Invalidation: breaking above 20K for sure would mean we're in next 1-5 phase already, but also a strong break above (perhaps) 0.5 and defiantly 0.618 FIB would also invalidate.
Lets see how it plays out, happy to receive comments and opinion.
I'm just learning to trade and been looking at elliot waves on very long times-frames...so, this would be a classic 12345 and and ABC since 2010! Mad perhaps, but got to consider all options!
2009-12 - wave 1-2 impulse
2012-15 - wave 2-3 impulse
2015-18 - wave 3-4 impulse
2018 - now...corrective pattern, 2 options:
Next potential moves...
1: ABC correction - this would be scary.
Since 2018-19 would be A-B and we're currently top of B, elliot wave would say a C would go below A, hence below 3200. Damn, REKT again!
2. Less scary and good opportunity, ABC, but C doesn't go below A and forms a smaller ABCDE pattern before breaking higher, which could be similar to 2010 corrective pattern.
If smaller wave ABCDE correction upcoming, potentially some from of triangle as shown (and same as 2010 correction shown) and could be in the 4-6k range and good buying opportunity.
2020 start of another 1-5 impulse for many years!
If this were to play out, there would be a nice correction to 4-6K - buy the first deepest dip and wait for triangle breakout to enter another multi year long.
3. Invalidation: breaking above 20K for sure would mean we're in next 1-5 phase already, but also a strong break above (perhaps) 0.5 and defiantly 0.618 FIB would also invalidate.
Lets see how it plays out, happy to receive comments and opinion.