The chart shows my rudimentary understanding of Elliott wave patterns, and I am aware that wrongly applying EWP will ruin trade ideas. Thus I am inviting EWP experts to offer their insight here. Feel free to read my view below and support or correct it with your expertise. Thank you!
My blue line shows a 5-wave impulse pattern down, while the gray line shows a 3-wave countertrend move. Within this countertrend, wave 3 (C) should end higher than wave 1 (A). Therefore I have further subdivided wave 3 to show price going up over the next few days (to C), which could be 810 or higher to 830-840.
My blue line shows a 5-wave impulse pattern down, while the gray line shows a 3-wave countertrend move. Within this countertrend, wave 3 (C) should end higher than wave 1 (A). Therefore I have further subdivided wave 3 to show price going up over the next few days (to C), which could be 810 or higher to 830-840.
Comment:
By my usual indicators, I am bearish and expect further downside in the stock price. My intent with this post is to receive EWP insight on whether or not price can/should move higher this week.