eatlovetrade
Long

Elliot Waves in Junk Bonds (HYG) target run to $95

AMEX:HYG   ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF
HYG
32 2 0
hyg
HYG             just completed a 5 wave sequence to the downside, and a "corrective" 3 wave sequence looks to be unfolding now. The final leg of the corrective wave should see prices return back to $95, which is where wave 4 began
One point - Wave 4 isn't supposed to go over the top of wave 2 in a downtrend. I'm sure you can read up on EW counts in the various books published on the methodology.
+2 Reply
Thanks - I was considering drawing the start of wave 4 at the bodies instead of the tall upper shadows. Impact to the formation is that we would be looking at $93 as the upside target for this counter trend 3 wave pattern
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