Hi fellow traders, as we look at SALT we can see the clear path of the price. Is not my technical skills or my 'crystal globe', is the past that defines the future.
I'm not sure - but wouldn't your descending impulse wave actually be a better fit as an ABC corrective wave? (Point 1 = A, Point 2 = B, Point 3 = C)
Your wave 4 on the descending wave is retracing into wave 1 territory, which is a technical violation of the Elliot Wave principles.
Plus it doesn't seem as though you've accounted for the corrective wave from your first impulse wave up.
I was looking at this one as a possible buy because it looked like it had just completed its first bullish impulse wave up after a very long retracement period.
Just my two cents - not sure I have the right read on this.
I agree completely on the impulse wave up points, I had the same count.
Your wave 4 on the descending wave is retracing into wave 1 territory, which is a technical violation of the Elliot Wave principles.
Plus it doesn't seem as though you've accounted for the corrective wave from your first impulse wave up.
I was looking at this one as a possible buy because it looked like it had just completed its first bullish impulse wave up after a very long retracement period.
Just my two cents - not sure I have the right read on this.
I agree completely on the impulse wave up points, I had the same count.