The corrective process is coiled and ready for Spring Time. Visits to 200, then 100 and then 50d sma
levels provide support for a move higher. The three declines are symmetric in scale as is expected for subsequent rebounds higher after several higher lows. The symmetric profile is common in EW for new stimulus (initial decline) followed by successive "echo" waves. The white line highlights the sma
(low) support levels.
Various other technical indicators (not shown or listed) are favorable, too. They complement use of Elliott Wave
as primary tool in forming my perspective.
Overall the wave 5 process continues to play out as anticipated. Any declines below the three noted sma
level(s) would lead to reevaluation, which is not expected.
Are you ready for a market Spring higher?