Last night we hit the peak formed by the downward slope connecting our recent peaks of Jan 28 and Jan 31 (dashed pink). This fits nicely into our current uptrend.
In alternating green/red/green, you can see the inner Elliott wave patterns within the larger waves labeled 1/2/3 (blue). Note: This could instead be an ABC - more on that at the bottom.
If we go with the assumption that the downslide is over, then we're in a 12345 uptrend (blue). This would put us squarely in wave 3, and within that, wave ii (green). So in that wave ii, expect a drop in the coming hours down to 830-840 area, then an upswing close to or slightly above 1k. This would put us near the downward slope connecting our Jan 13 and Jan 28 peaks (solid pink), but the breakthrough wouldn't be yet, as we would exhaust wave iii before beating that line. However, after correcting in wave iv, wave v will be back with a lower target to hit, and can cruise through to 1075-1125 area. In the larger wave 3 (blue), we would be nicely above the barrier (solid pink), so wave 4 will come back down, bounce off our former ceiling which has at that point become support, and with wave 5 we'll be off to the races.
If instead we are in an ABC correction from our recent low on 2/6, then we still have a little ways to go to complete our wave C (blue wave 3 in my chart). We'd likely bounce off the higher ceiling (solid pink), but that would still get us above 1k (or at least very close)!
This is not professional advice - I'm a novice still learning my way. If you disagree (or agree) in the above analysis, I'd love to hear your thoughts!
In alternating green/red/green, you can see the inner Elliott wave patterns within the larger waves labeled 1/2/3 (blue). Note: This could instead be an ABC - more on that at the bottom.
If we go with the assumption that the downslide is over, then we're in a 12345 uptrend (blue). This would put us squarely in wave 3, and within that, wave ii (green). So in that wave ii, expect a drop in the coming hours down to 830-840 area, then an upswing close to or slightly above 1k. This would put us near the downward slope connecting our Jan 13 and Jan 28 peaks (solid pink), but the breakthrough wouldn't be yet, as we would exhaust wave iii before beating that line. However, after correcting in wave iv, wave v will be back with a lower target to hit, and can cruise through to 1075-1125 area. In the larger wave 3 (blue), we would be nicely above the barrier (solid pink), so wave 4 will come back down, bounce off our former ceiling which has at that point become support, and with wave 5 we'll be off to the races.
If instead we are in an ABC correction from our recent low on 2/6, then we still have a little ways to go to complete our wave C (blue wave 3 in my chart). We'd likely bounce off the higher ceiling (solid pink), but that would still get us above 1k (or at least very close)!
This is not professional advice - I'm a novice still learning my way. If you disagree (or agree) in the above analysis, I'd love to hear your thoughts!