Classic ElliottWave 5 Wave Impulse & 3 Wave Correction Potential
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Elliott Wave bread and butter. 5 waves up followed by a 3 wave correction.
Perhaps this is what we will find around my target of .8340, which is also good
support from the last 2 days of Nov. and the . 382 retracement .
Given the short and shallow nature of waves 2 and 4 hopefully this will be the case.
BUT, there is always a BUT, what looks like the C wave may just be a c wave of
an a-b-c wave A with a B and C to come.
And, whether this is a B Wave or a 3rd Wave they both point in the same direction - UP.
As always, I'll be looking for the candlesticks to help me with the entry.
Tight stops with an eye to re entry since Wave 2 can retrace all of Wave 1
and still be valid.
Depending on the final bottom of Wave 2 -----
Targets are A = C 1:1 = .8480 area or a Wave 3 @.8575 area.
Caught Wave 1 up, can we catch Wave 3 ?????
Perhaps this is what we will find around my target of .8340, which is also good
support from the last 2 days of Nov. and the . 382 retracement .
Given the short and shallow nature of waves 2 and 4 hopefully this will be the case.
BUT, there is always a BUT, what looks like the C wave may just be a c wave of
an a-b-c wave A with a B and C to come.
And, whether this is a B Wave or a 3rd Wave they both point in the same direction - UP.
As always, I'll be looking for the candlesticks to help me with the entry.
Tight stops with an eye to re entry since Wave 2 can retrace all of Wave 1
and still be valid.
Depending on the final bottom of Wave 2 -----
Targets are A = C 1:1 = .8480 area or a Wave 3 @.8575 area.
Caught Wave 1 up, can we catch Wave 3 ?????
Comments
this new EW count is two possibilities for what is happening.
My first count needs one more little up shot to a slightly new high.
The second counts everything over one notch so to speak,
and make this the start of an a-b-c correction - second wave -
I'm still hoping we still have a shot at the BIG ONE !
(this also helps explains why the first correction was so shallow)
Looks obvious now but, hard to see in the beginning.
(being right is one thing but - missing the trade is another **** )
Had my entry placed @ .8339. I thought for sure this trade would at least, touch the .386 and
it did not even touch the a = c. Maybe, if I drill down on a correction we can find an entry.
But for now, I'm waiting at the station for a train that appears to have already left !!!
I'm starting to think that the "holiday malaise", as I call it has already begun:
To many targets come up short or get blasted past from the norm.
When that starts to happen I think it's time to get VERY picky about the trades you take.