Based on the two previous impulse waves, wave (5) should reach over the trend line copied from linking end wave (3) and (4). This coincides with 1850 and the 200D MA, Weekly close will be very important going into May.
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Calling -C- on the 22nd was premature and will extend our DOI (Date of interest) for wave (5) of 5 from the March 31st bottom.
end of month is interesting for Comex reasons, but also coinciding with big week of earnings AND FED meeting. Any mention of inflation or rates will be relevant.
Expecting a big 'non-believer' wave 2 correction below the 200D MA, similar in character but a larger fractal to the challenge of the 50D MA on the 8th of April, at 1760.
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Explainer from comments:
"The first wave is impulsive (up) the second wave is corrective (Sideways, and often down) before the third wave, which is most powerful and never the shortest.
The chart shows an expected 3 impulse (sub) waves, to 1850 ish that all combine into the first impulse wave from the bottom. I.E. wave 1 started on the 31st March and will end on 30th of April, May could be sideways, with June being explosive."
@kolawolemobolaji5, Basic elliott wave principles my friend. I admit I'm not an expert, but employing these principles has given me a lot more insight.
Have a look at the new commentary, Updated with my thoughts. We may get up to challenge the 200D MA near 1850, then correct, ending the first wave of 5 from the bottom on March 31st.
The first wave is impulsive (up) the second wave is corrective (Sideways, and often down) before the third wave, which is most powerful and never the shortest.
The chart shows an expected 3 impulse (sub) waves, to 1850 ish that all combine into the first impulse wave from the bottom. I.E. wave 1 started on the 31st March and will end on 30th of April, May could be sideways, with June being explosive. I think.
this your Analysis is based on What