XJO - We have what looks like a classic elliott wave correction taking place. At this point in time an XJO Elliott wave ABC correction is a higher probability than a V shape recovery. Will this play out, I have no idea.
Great analysis. Agree 99%. The 1% question: If you are following the GFC pattern of 2008, is there a reason for making the B wave so big this time? I actually think the C wave started yesterday. What do you think?
rutt
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@Trendymanners, Cheers. yes, the C wave may of started yesterday, there is a clear bearish rising wedge in the daily candles. Yes good question re: C wave, I put it at the 6000ish level mainly for illustrative reasons, but also noting that the 6000 number may act as a psychological level and it also being at the top of the 2 to 3 wave which may act as strong resistance.