Hello traders, for who was sell rally congratulations.
For who don't have any position don't rush be patient.
Ok Now let move to today Elliott wave analysis. As we expected this morning premarket was in wave 3 of wave 5 and my felling of ext 5 built was true. And now what we have here, algorithm count quite good we have a 3 of 5 and market close with wave 4, what...
If market going down right now, how about asian, it's going down too ?! Right
Let look at Nikkei
And we have 5 wave, wave 5 very bullish, do you think it can go up continue ?!
If it fall from here will it is wave 2 of ext 5 or wave a
Key area to look at if it fall is 27000
On daily chart as we can see we completed 5 wave quite clear count so next expected wave is correction.
Current wave pattern quite hard to recognize, and now it break counter trend line , But I don't think new up trend start yet, there are 3 reason
1 market is so bearish
2 price doesn't like started wave c
3 price doesn't go below wave 4
If that break is start of...
In previous analysis we had a count impulse wave and we expecting a correction or impulse down, and look like it play out with correction, so maybe we will have a rally on 15m chart if it break 48444, or if it doesn't so maybe correction will continue
Base previous analysis scenario which spx break the low 4435 happened.
So on new update Elliott wave count indicator
As you can see we are in wave 5 but we don't know wave 5 end or not, so if it continues to go down first target is 4420 if it break 4420 maybe next level is 4380.
On daily chart we still in wave 5 processing, we don't know if last move is end of impulse yet, but we know this is ext 1 on wave profile table on chart corner, and after wave 5 is wave a so we need to prepare spirit for it
Drop down to 1h chart as thumbnail above
We can see impulse 5 wave base on Elliott wave count...
On 4h chart view after sell off price quite flat and base on previous analysis I think current wave look like wave c of b
Let drop down 15m chart to count that wave as thumbnail chart
Price quite fit in 5 wave so maybe we near peak and now we expecting a wave c down, or may be this is wave 1 we can expecting abc correction...
As we can see on chart price had completed triangle, base on Elliott wave, target for bear first is thrust, 107.7 level if it can break 107.7 than elongated impulse can form, than next level to look at is previous wave 4 around 105.5