CNX METAL INDEX IS NEARING IT'S WAVE 5 OF IMPULSE.AS IT HAS TAKEN A FORM OF WXY CONVENTIONAL WAVE 5 TARGET'S ARE EXCEEDED.AS OF NOW WAVE Y OF WXY DOUBLE CORRECTION STRUCTURE IS NEARING IT'S 1:1 EXTENTION TARGET AREA.EXIT LONG'S BECAUSE COMING DAY'S MIGHT SHOW US DEEPER CORRECTION AS THIS TIME IT WILL BE CORRECTING ENTIRE 5 WAVE IMPULSE.
ALTHOUGH WAVE Y TARGET CAN BE STRETCHED TILL 123.6% TO 161.8% EXTENTION OF WAVE W,ONE SHOULD NOT HOPE FOR THIS SCENARIO FOR EXITING LONGS.
sir, wave 5 should have 5 sub wave count why taking wxy . Pl educate on this. I well understand ABC.
UNDERDOG-29
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@JagdishKumarPahuja, Generally extention that is sub waves are seen in 3rd impulsive wave where in every wave follow's impulsive wave fib ratio's,which is clear in this case.However as per my understanding each wave can have it's on characteristic and can even evolve in corrective structure as long as it is not violating an higher degree's cycle's rule. Here in the higher degree it is an impulsive cycle but if you look at the internal structure of wave 5 it is forming 3-3-3 or 3-3-5 structure.Hence i labelled it as wxy and not 12345.Here if you project wave 5 target through conventional method than it has crossed all the 3 possible wave 5 target meaning wave 5 has not an impulsive structure.I also had same question that how can an higher degree impulsive wave have corrective structure in lower degree,and i researched it online and show videos on youtube i found that we can also have an impulsive wave evolving in an corrective structure.
PS:I am not an expert so please dont address me with "Sir",whatever ideas i am sharing over here are just my views,i havent taken any formal training on elliot wave theory from any professional elliot wave theory practitioner,i have learned it through whatever material thats available online hence sometimes i might be wrong when it comes to labelling chart's.My method behind labelling is simple,if labelling is making sense than i publish my idea else i dont and like wise if someone finds it to be contradictory than i try to educate myself through there views.
JagdishKumarPahuja
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@UNDERDOG-29,
I am also in the same boat . Just leaning online .
I trade also . But wave count is very confusing which I am trying any thumb rule to label wave count .
UNDERDOG-29
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@JagdishKumarPahuja, if you look at internal structure of flat correction than it is 3-3-5,for an zigzag it is 5-3-5.Although in an higher degree it is corrective structure but flat's wave c has impulsive character and zigzag's wave a and c has implusive character
UNDERDOG-29
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@JagdishKumarPahuja, m&m has same chart,where wave 5 is sub divided in wxy pattern