$ETSY - Near Top; Pending Deep Retracement - 08 AUG 2018
$ETSY - Near Top; Pending Deep Retracement - 08 AUG 2018
Tentative wave count suggests completed bullish impulse, pending correction
CROW Code calls for correction at current vicinity
CROW eyes 28.97 BULLISH reversal
Overall - Bearish; pending corrective
Risk Line (dashed curve) suggests:
1 - Pushback at/near 40.86 (RED)
2 - Reversal at/near 48.64
3 - Break of 40.86 opens floor to bears
4 - Significant support at target: 28.97.
INVALIDATION - If price breaks > 50.60, current predictive analysis/forecast becomes void.
David
Tentative wave count suggests completed bullish impulse, pending correction
CROW Code calls for correction at current vicinity
CROW eyes 28.97 BULLISH reversal
Overall - Bearish; pending corrective
Risk Line (dashed curve) suggests:
1 - Pushback at/near 40.86 (RED)
2 - Reversal at/near 48.64
3 - Break of 40.86 opens floor to bears
4 - Significant support at target: 28.97.
INVALIDATION - If price breaks > 50.60, current predictive analysis/forecast becomes void.
David
Comment:
TECH-NOTE - $ETSY - 10 AUG 2018:
GAPS vs. Wave Count:
Traders,
Rationale for probable retracement is also supported on the basis of GAPS versus Wave Counts, such that, in a fast moving market:
1 - Wave-1 is typically associated with BREAKAWAY GAPS
2 - Wave-3 is typically associated with RUNAWAY GAPS
and
3 - Wave-5 is typically associated with EXHAUSTION GAPS.
$ETSY/H4 - Market Gaps versus Wave Count:
In THIS particular case, the tentative Elliott Wave count suggest that a GAP occurred along a 5th wave (i.e.: wave-v in the chart) IF the tentative wave count is correct (BLACK).
In contrast, the alternate wave count (PINK) would suggest that TWO runaway gaps occurred.
Cheers,
David
GAPS vs. Wave Count:
Traders,
Rationale for probable retracement is also supported on the basis of GAPS versus Wave Counts, such that, in a fast moving market:
1 - Wave-1 is typically associated with BREAKAWAY GAPS
2 - Wave-3 is typically associated with RUNAWAY GAPS
and
3 - Wave-5 is typically associated with EXHAUSTION GAPS.
$ETSY/H4 - Market Gaps versus Wave Count:
In THIS particular case, the tentative Elliott Wave count suggest that a GAP occurred along a 5th wave (i.e.: wave-v in the chart) IF the tentative wave count is correct (BLACK).
In contrast, the alternate wave count (PINK) would suggest that TWO runaway gaps occurred.
Cheers,
David
Price moving towards forecast target as expected.
$ETSY/M15:
$ETSY/H4:
$ETSY/H4: Watch for alternate count in PINK, justifying loftier target.
OVERALL:
Expect significant resistance at forecast target.
INVALIDATION: Breach of 50.60 would defer reversal at loftier TG-u = 55.13