RajDhall ,, thanks for your wave analysis ,,much appreciated,, but can you please advise on what's expected after the 5th wave is complete ,, will it be an ABC correction or 5 waves down.
Thanks again
Richie165
richie165
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RajDhall ,,, Your wave analysis is much appreciated ,, but could you please advise on whats expected after the 5th wave is completed will it be an ABC correction or 5 waves down.
Thanks againd
RajDhall
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@richie165, No problem I will get this done in the afternoon
Appreciate that ,,, may I also ask your opinion on one other point. I do believe that we are looking at the correct wave count as Wave 4 is developing into a flat correction wave which would be correct as Wave 2 was a lot sharper. My question is about the expected length of Wave 5 ,,I know you highlighted the 70p area which no doubt will find some resistance but what are your thoughts regarding the strength of Wave 3 which could be interpreted that we can expect Wave 5 to be as strong as Wave 1 (+28%) which would give us a target area of low 80,s .
Many thanks
RajDhall
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@richie165, W.5 could extend to any one of these - 127%, 162%, 200%, 262% of wave 4, the key for me is which one makes the most sense and confluences with support and resistance levels.
Thanks again for your thought's ,,its going to be really interesting to see how this eventually unfolds.
I must also say that having read your original post/chart its made me dive back into my old notes/references on Elliots and brush up on a few things.
Great thread
Capra
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Interesting, thanks. If a wedge then taking the high and low point into account the fall from break should be 3p giving the target of start of wave 4 as you highlighted, 62p. This seems a pivotal point in recent trading with it being the high of 1st Sept & 15th Nov and held as support towards end of Dec. Thanks for sharing and I agree with your sentiment for what it is worth, lol.
RajDhall
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@Capra, Thanks let see the sentiment for banks has been good and Trump removing volker and dodd frank has been good for them, the only thing with this trade is how far will the pull back go?
Capra
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@RajDhall, Well a break of 62p would make it invalid would it not??? As wave 4 will be entering zone of wave 1.
Thanks again
Richie165