In depth Count of the Confusion currently around XELA
Just taking a deeper dive at the overall existing count for Xela.
Looking at the daily timeframe we bottomed out at 2.13 for a wave 2/5/5 on the daily chart.
Since then we started a wave 1 and should finish wave 2 on the 1 hr chart thus starting our wave 3 of 3/3/5/5.
5 waves on a smaller time frame complete 1 wave on the larger timeframe.
All still valid per Elliott wave theory rules.
Some other notes our hourly wave 2 was a double combination hence why it looked like a mess on the daily and hourly chart.
Wave 2 on the hourly should tag and close above 2.17 and overall and surpass 2.13 as that invalidates the count.
Other possibilities are that the daily wave 2 is not yet finished and we are in 5/c/2 for imo a zigzag pattern, we finish wave 2 on the hourly and gap up for wave 3 on Monday,
or we are in a bearish overall count somehow.
Looking at the daily timeframe we bottomed out at 2.13 for a wave 2/5/5 on the daily chart.
Since then we started a wave 1 and should finish wave 2 on the 1 hr chart thus starting our wave 3 of 3/3/5/5.
5 waves on a smaller time frame complete 1 wave on the larger timeframe.
All still valid per Elliott wave theory rules.
Some other notes our hourly wave 2 was a double combination hence why it looked like a mess on the daily and hourly chart.
Wave 2 on the hourly should tag and close above 2.17 and overall and surpass 2.13 as that invalidates the count.
Other possibilities are that the daily wave 2 is not yet finished and we are in 5/c/2 for imo a zigzag pattern, we finish wave 2 on the hourly and gap up for wave 3 on Monday,
or we are in a bearish overall count somehow.