Three potential wave counts are provided on the chart. Elliott Wave Theory predicts that Wave 5 will be the length of Wave 1 when Wave 3 is extended. If this holds, wave 5 is not yet completed. Given the drop in volatility and bullish reversal indicators, I'm conceding that it is possible that wave 5 is in fact completed, and we are currently on a three wave corrective structure bounce.
I'm interested to hear what others' thoughts are. Are we heading up next week, or are we retesting the low? Please let me know in the comments.
I'm interested to hear what others' thoughts are. Are we heading up next week, or are we retesting the low? Please let me know in the comments.