Thanks for viewing,
While I find Elliot Wave difficult to use well in trading, I find it useful in gaining perspective on the market and brainstorming possible moves.
You can see the breakout from the 1711.10 and the price channeling strongly. If wat I have labelled wave 1 and 3 are correct (wave 3 does meet an over 1:1 extension of wave 1 and I had a target of 1782.99 or similar.
What is irrefutable:
1. At some point price left the bottom trend-line of the channel and started a newer much less steep rise that I am sure a lot of you have found challenging to trade.
2. If you draw the channel like I did, after the price breakout, it re-tested, and was rejected.
3. The price has been steadily, albeit slowly rising. But definitely doesn't have any characteristics of an impulse wave.
4. Since setting 1767.90 on 29th July there have been a series of swing highs and lows that made three higher highs and three higher lows.
I have marked with blue boxes areas with retracements of over 50% - which is normally indicative of a wave 1 and 2. Earlier I was expecting a very extended wave 3 to go exponential as several wave 3s (iii, (iii) etc) of wave 5 unfolded - but now have switched bearish. None of what I presumed to be wave 1 and 2s have extended to a 1.618 extension and they resemble 3 wave waves rather than 5 wave moves. So energy is being stored up before a breakout and I have started to presume that the breakout will be downwards. Near term target 1751 and possibly lower.
Correction inbound.
I hope you like my artwork there in the corner.
Protect those funds and good luck.
While I find Elliot Wave difficult to use well in trading, I find it useful in gaining perspective on the market and brainstorming possible moves.
You can see the breakout from the 1711.10 and the price channeling strongly. If wat I have labelled wave 1 and 3 are correct (wave 3 does meet an over 1:1 extension of wave 1 and I had a target of 1782.99 or similar.
What is irrefutable:
1. At some point price left the bottom trend-line of the channel and started a newer much less steep rise that I am sure a lot of you have found challenging to trade.
2. If you draw the channel like I did, after the price breakout, it re-tested, and was rejected.
3. The price has been steadily, albeit slowly rising. But definitely doesn't have any characteristics of an impulse wave.
4. Since setting 1767.90 on 29th July there have been a series of swing highs and lows that made three higher highs and three higher lows.
I have marked with blue boxes areas with retracements of over 50% - which is normally indicative of a wave 1 and 2. Earlier I was expecting a very extended wave 3 to go exponential as several wave 3s (iii, (iii) etc) of wave 5 unfolded - but now have switched bearish. None of what I presumed to be wave 1 and 2s have extended to a 1.618 extension and they resemble 3 wave waves rather than 5 wave moves. So energy is being stored up before a breakout and I have started to presume that the breakout will be downwards. Near term target 1751 and possibly lower.
Correction inbound.
I hope you like my artwork there in the corner.
Protect those funds and good luck.
Order cancelled:
I was a little early calling the price decline, but the correction is over now
