I consider the starting point of the trend within the years of 2011-2015 the date of October 4, 2011. Today I will explain to you in detail why. To begin with, let us turn to wave 3 (in a circle) of the trend. Ralph Elliott
in his theory said that the third wave in practice is often the largest and this wave is the proof of that. Its internal parts can be seen best of all. Wave (2) is an tapering triangle, and wave (4) is an expanding triangle. Wave (1), (3) and (5) are trends and have exactly the same structure as wave 3 (in a circle). They consist of waves 1, 2, 3, 4 and 5 of a smaller order. Waves of small order often have such big distortions that it is difficult to see triangles in corrections 2 and 4, but these corrections are triangles indeed. Later I will explain why. All waves of trend 3 (in a circle) are related by Fibonacci on the time scale. Wave (2) for example, is related to wave (3) with the ratio of 0.382. Wave (4) is connected with wave (5) with the ratio of 0.618. Of course, to predict the Fibonacci ratios is impossible, but these levels play a very important role in the assessment of the situation.To be continued.