I look for Desc. Triangle b/o to "W" b/o, draw cup, let the handle formed (buy off the handle sometimes) but best to draw Elliott Wave
(1) after the "W" retraces to back to the top of original b/o. (often see this as future areas for Wave (2). Or you can draw Wave (1) off the end of the Cup Handle. You need to then confirm Bull
Flag/pennant. Look for IHS
. Draw remaining waves 2-5. You may also see the IHS
between waves 3-5. Wave (5) to A, is sometimes, if not often followed by a Desc. Triangle. You should spot another Desc. triangle b/o. Buy Wave (C) The Grand Supercycle, you could then ride it to Wave 5 or to desire profitability . Its a good thing to plot Wave C to the original/first "W" breakout, a clear higher hi/higher low should be forming.. this pattern should be visible on the next time frame, if your charting Elliot
Waves on a lower time frame. I.e this is a 15min Time Frame, before the desc. triangle b/o on the left, there was a prior "W' b/o on the 30min Time frame. pull up a 30min chart of spx500
, and see if you spot the W breakout, that led to a Desc. triangle..
I'm short term bullish