In EWT one type of correction is 3-3-5 called an expanded flat. see:elliottwave.net/educational/basictenets/basics3.htm IFFFF that is what is happening now often the correction will go to .62-.78 return to the first way down. (target zone) shown. Watch for price action at this level which suggests the winds have changed to down.
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IFFF this count is correct we could get a reversal in the next couple of days. We'll see.
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Of course the price could even go up further to form a double top.
Exciting! At the zone now, hope you are right! But i still strongly have a bullish bias at least till 360 for the rest of 2020: selling puts there!
goodguy
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@poister198, Thanks for the reply. I wouldn't take any large position till price action makes it more likely to be correct. EWT counts used alone are often wrong (at least in my hands). I like to anticipate then wait- some confirmation. We'll know soon. Take care.
LittleCash
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This also may be 3 wave correction wave. if so we could go up to 350.something.
LittleCash
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I think wave a-b was not made of 3 waves but 5, but either way it is a flat correction lair you are indicating. Good job.
goodguy
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@LittleCash, Thanks for the feedback. Have a great weekend.
goodguy
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@LittleCash, :Thanks Also there is a gap near the previous top that has not been closed so it is possible it may move up to close it. Sometimes a opening gap is never closed.