Please see higher time frame above and lower time frame below of the current play, including Elliot Wave Analysis.
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Looking for that final C leg in the correction to play out.
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Sorry need to adjust the wave now for new price action.
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Price changed. Looking for this now.
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We're going up it appears.
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Based on price action, 5 minute chart showing me something else on a probabilistic point of view. This could turn the other way
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Unless we have this:
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Our Elliot on the B wave gets extended as it takes time to make a decision on the next direction.
Doesn't feel/look like we've experienced the C leg yet as we've been in a corrective behaviour still. https://thhttps://www.tradingview.com/x/QaCRSFQ0/
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Two Alternatives: 1) Left side: As stated above, the ABC could have completed here. Especially with that larger bear candle. Hence the resumption of the down move.
2) 3 pushes up for the A leg, B leg correction and final C leg back up.
I'm going more with the first option as a continuation of the big spike which occured earlier this morning at the Open.
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That's why i prefer following price. It is king rather than a predictive model like the Elliot Wave Theory.
Yes it can work. However it takes a LOT of time to master. It may be more PROFITABLE following other means of trading.
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Here is the image, referring to the two alternatives.
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Bigger ABC Correction beginning
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Looks like we have some indecision and confusion of a direction and therefore may be in a trading range.
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Still look for the ABC move up to the top area of the extreme at the minimum.
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I see this as a possibility if the triangle plays out, otherwise we may just see a horizontal trading range instead.
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Horizontal Trading Range:
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Looking for a rejection in this area as a failed breakout.
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Once entered short, hold until the bottom of trading range.
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Okay so price did not reject to confirm the trading range. Bulls pushing this up as an ABC correction. We'll look to enter on a short trend continuation once this C leg is complete.
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Stalling. Created a higher high. Possibly failed breakout.
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Should find out what happens in next few https://barshttps://www.tradingview.com/x/3Gy2cjtM/
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Continuing up. Looking for signs to close out and then to short. Continuing holding until i get those signs
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Looking for a strong Bear close on the 30 minute. 15minute with a strong bear close and break of uptrend line. Traders looking to get in on shorts for a resumption of this downward movement.
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Looking for some follow through or even a doji on the 15 minute to confirm that 30 minute candle.
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On the 30 minute I want to see a stronger reversal to SIGNAL to me to sell. This is not enough.
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Sorry going to sleep everyone. Placed a swing on with enough room so i don't get stopped. Make sure you place appropriate risk measures! Good night/Good Morning wherever you are in the world :)