Left hand count: So the bulls did not come through for us yesterday, i personally took a small loss because i got excited and got in without confirmation. So the bull count is pretty much invalidated at this point, so the next idea would be a triangle. Triangles in Elliott Wave are rare, so this is not the most probable scenario, but for the sake of having an alternate idea we will leave it here. Also triangles are "terminal moves at the next higher degree", so if it did play out like this we would be aiming for a big sell off after one more push up.
Right hand count: This is now my preferred idea, given the big bull move up, this sort of correction is probable. Flat corrections are an expansion of volatility, what that means is there is a lot of market participation at a zone of high support or resistance. Some traders can recognize the pattern as a whip lash pattern or the bat in harmonics. I will wait for more confirmation before i get involved, I would like to see the triangle idea invalidated before i sell the dow.
Hope you guys are enjoying the thought process behind Elliott Wave, if you have any questions about what i'm doing here, comment down below and I will get back to you asap.
Right hand count: This is now my preferred idea, given the big bull move up, this sort of correction is probable. Flat corrections are an expansion of volatility, what that means is there is a lot of market participation at a zone of high support or resistance. Some traders can recognize the pattern as a whip lash pattern or the bat in harmonics. I will wait for more confirmation before i get involved, I would like to see the triangle idea invalidated before i sell the dow.
Hope you guys are enjoying the thought process behind Elliott Wave, if you have any questions about what i'm doing here, comment down below and I will get back to you asap.