$ZEN Elliot Wave Count Possibility...Potentially Huge
So looking here at the corrective Second Wave that we are experiencing now it appears to me that we have completed the A leg of the 3 subwaves and may begin a B Wave correct that will of course be thwarted at I believe the .5 Fib level prompting the start of the last subwave (C) of the larger corrective wave (2). I have placed that at the breakout support which should be very strong as demonstrated by the bounce that we are currently seeing. Once the ABC corrective waves complete that will signal the end of the 2nd wave and the beginning of the 3rd wave which also happens to be the longest. I will refer to Richard Prechter's "The Elliot Wave Principle" in order to continue to examine this chart and set potential targets for the 3rd wave.
Summary:
I believe A wave of the ABC correction is complete. Now a bounce with this B wave up to 0.5 Fibonacci retracement level and then the final C wave of the correction that will coincide with the new support that was found after the strong breakout from resistance at that level yesterday. Coincidentally (or maybe not so since there is an underlying order in the universe and in markets) the new support lies at the 0.23 retracement level). As always I welcome your questions, comments, and opinions. Your thoughts are welcome here.
- BitBookekeeper
Summary:
I believe A wave of the ABC correction is complete. Now a bounce with this B wave up to 0.5 Fibonacci retracement level and then the final C wave of the correction that will coincide with the new support that was found after the strong breakout from resistance at that level yesterday. Coincidentally (or maybe not so since there is an underlying order in the universe and in markets) the new support lies at the 0.23 retracement level). As always I welcome your questions, comments, and opinions. Your thoughts are welcome here.
- BitBookekeeper
Comment:
1st Target Reach. Expecting huge 3rd wave coming
Trade active:
We should bounce here for Subwave 3 of wave 3.