So right now there could be two possible counts. Either the five waves are over, or we are witnessing the wave four and should aim for another wave up.
I am more inclined towards being on the forth wave up. simply because there isn't a diversion visible on RSI as of yet.
I found this chart kind of fascinating as to how many times it has respected Elliott wave theory. Doesn't mean it's going to do what this bullish count says but interesting to me all the same. Tiny bit of divergence on the RSI too. If you take a look at the longer term chart you can see that since almost going bust in 2009 the share has been in a massive basing...
First it was the bullish price RSI divergence and now we have a confirmation of the breach of the falling trend line on the weekly chart. The weekly 50-MA is bottoming out as well.
The stock appears on track to test 70.00 levels. Bullish invalidation is seen only if the stock closes on Friday below the weekly 50-MA level of 61.53.
Lloyds has had a very strong decline since it's heights from around 2000 when is was around 600p and never recovered.
It has been in a corrective structure since 2009 which appears to be an ascending triangle implying that the next move would be to continue down. We won't be making a short trade on this one however as the pattern isn't very clear and it also...