Elliot wave theory analysis OMX AUG 2019-Alt 1
Either we are still looking for the bottom of the second wave in the secondary trend and then we would expect the following scenario.
We still have not reached FIB 123,6 and we still have not reached stochastic of 20 on weekly basis so this scenario is still probable.
The fact that I have drawn the ending C wave as a 5 wave correction is not necessary it might just end as a 3 wave abc correction.
Or we might have reached the bottom of the second wave and we have now started our third wave on the secondary trend.
One thing that increases the probablility of this scenario is that we have formed a contracting triangle which have a 3-3-3-3-3 wave pattern. and then we are in the last abc correctional wave. We just completed wave b so left is the last c.
If that is the case than we shall look for a bottom around 1450.
We still have not reached FIB 123,6 and we still have not reached stochastic of 20 on weekly basis so this scenario is still probable.
The fact that I have drawn the ending C wave as a 5 wave correction is not necessary it might just end as a 3 wave abc correction.
Or we might have reached the bottom of the second wave and we have now started our third wave on the secondary trend.
One thing that increases the probablility of this scenario is that we have formed a contracting triangle which have a 3-3-3-3-3 wave pattern. and then we are in the last abc correctional wave. We just completed wave b so left is the last c.
If that is the case than we shall look for a bottom around 1450.
Trade active:
We are at a cross road here.
Will it be a C wave moving us towards 1450 or will we have a movment like the one described in alternative 2?
There were small volumes today and that may be a reason to be extra cautious as we approach the last high.
Will it be a C wave moving us towards 1450 or will we have a movment like the one described in alternative 2?
There were small volumes today and that may be a reason to be extra cautious as we approach the last high.
