But this price action is hard to interput. The hardest thing in Elliot wave is to know if the movment was in 3 or 5 waves.
Sometimes a move looks impulsive and in 5 waves, but when one zooms in it's acutally in 3 waves. That's why I will look for a clear
buy signal before going long.
I don't think the market will take out the .382fib, cause if it goes down to the .236fib wave 4 would overlap with 1.
Plain and simple, I would like to see more data to confirm which one of the there scenarios below is correct.
1 and 2. suggest that we are in a WXY or WXYZ. The question is if wave X was a flat or a simple 3 wave advance.
The thing about flats is that they make everything more comlplex. We can't know for sure if X was a flat or not
until the low is in place. But I prefer the view that suggest X was a simple correction because
the advance from 0119-0123 looks more like a 3 wave advance (in a flat, wave C most be in 5 waves) than
a 5-wave. But yet again, it can be counted as 5 waves with a sideways wave 4.
3. suggest we had a wave B triangle.
Sorry for the long post. And as always, the best of luck!