After the succesfull ABC retraction wave we are in a new full elliott wave cycle.
Just had bumps 1 and 2 and we are in wave 3 now.
If wave 3 ends here we could see some chop as we battle out the remaining longs in the volume profile.
This battle would make a inverted head and shoulders pattern that makes the ...
Just an update on where we are.
I added the red Elliott ABC retraction wave to accomodate the new path and left the old purple one to show where we started. This is the first time mapping out a elliott wave so i am expecting to improve the predicting of turnpoints each time. (well maybe not predicting but mapping ...
After the ABC retraction wave either a classic W when the green line breaks or classic M when it fails.
W outbreak exit around the 0.618 line of the recent fib top
W outbreak fail exit around 0.618 of the long term fib top
Although the W looks good, my money is on a failure as we are coming from a recent peak.
Maybe point A of the retraction wave is too low and it bounces of the 1279 support to go to point B before dropping to C. If that is the case then I think point C will be near the 0.764 fib level instead of the 0.618 fib level.
We will have to see!
Added some historic peak and valley lines.
3_EMA dives under 30_EMA
Elliot Wave Analysis - End of :
Primary 3 and 5
SuperCycle 3 and 5
All 3 cycles should make a lower 4 cycle before a slightly higher 5
All 5 cycles should make a ABC retrace that lines up with the bespoke 3 cycle ...
Added the minor Elliot ABC retraction wave before uptrend continues with new Elliot Wave
Also spotted a nice divergence and a classic M Market structure.
Just need to get my volume profiles up and running so I can look at the Rejection area's for plotting the waves.