We need one last breath on the RSI to get buying momentum for this last wave up to resistance, in the process of building a 30min triple bottom for a 5-wave start. Especially after earnings, next week should be bullish. Double rejection of the primary trendline, hard resistance at 418. Short down to lower .618 range, completing ABC correction. Lots of confusion here during this week's environment, which generally means we're in a whiplashing ABC correction. What's really happening is we're just consolidating.
@samitrading Thank you! It means a lot. It's also probable this ABC was a flat WXY zig zag. Either way I'm waiting for a 4hr confirmation close above 418.1 resistance (4,181 is a fibonacci number btw). So far we haven't gotten that.
samitrading
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@DanBOT, Yep agree in a complex wave everything is possible Elliottion should expect the un expected . That's why the say
wave 4 is the riskiest wave to trad. It is only for insurance selling "Option selling" if you can handle the pressure. wish you
all the best . keep up the good work.
frodo75
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not sure about your EW application. 1 and 4 cannot overlap. corrective waves like 2 and 4 are normally represented abc or wxy. all the best.
DanielSAN383
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@frodo75, This is a 3-4 that we're in, at least from what I can tell. 3-4 corrective patterns are ABC/WXY. X or B can breach past the top of 3, which it has attempted twice based off the recurring trendline & it's been rejected hard both times.
(i.imgur.com/CClEbql.png) ^ Example of 3-wave ABC/WXY. I'm hard pressed to say this early month wasn't a 3-wave.