This post is a combo of an elliot tutorial and an analysis from s/r.
MGNI is above an important support/resistance line. Seems like it will continue higher. The s/r I am considering was around 33.50.
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Elliot Wave condition "e" considerations (tutorial portion):
If m2 (plus one time unit) is completely retraced in the same amount of time (or less) that it took to form and m3 is longer and more vertical than m1 and m(-1) does not share any similar price territory with m1, the market may have completed a Complex Correction at m2 with a "missing" x-wave in the middle of m0; add ":c3" to the current Structure list of m1, place a dot in the center of m0 (around the same price level m1 completed) and place "x:c3?" to the right of the dot and ":5" to the left of the dot.
Do you think this consideration applies? I see that m(-1) almost shares no territory with m1 to the point where I'm willing to keep it in play. Then m3 just has to be longer and more vertical than m1, which it might do.
This means that the market may have completed a complex correction at m2 with a missing x-wave in the middle of m0. You can see m0 had a hitch on the way down right at the s/r pivot level area.
MGNI is above an important support/resistance line. Seems like it will continue higher. The s/r I am considering was around 33.50.
----
Elliot Wave condition "e" considerations (tutorial portion):
If m2 (plus one time unit) is completely retraced in the same amount of time (or less) that it took to form and m3 is longer and more vertical than m1 and m(-1) does not share any similar price territory with m1, the market may have completed a Complex Correction at m2 with a "missing" x-wave in the middle of m0; add ":c3" to the current Structure list of m1, place a dot in the center of m0 (around the same price level m1 completed) and place "x:c3?" to the right of the dot and ":5" to the left of the dot.
Do you think this consideration applies? I see that m(-1) almost shares no territory with m1 to the point where I'm willing to keep it in play. Then m3 just has to be longer and more vertical than m1, which it might do.
This means that the market may have completed a complex correction at m2 with a missing x-wave in the middle of m0. You can see m0 had a hitch on the way down right at the s/r pivot level area.