This is an update to my Elliot Wave discussed here:
So I believe this current ABC correction wave (in orange) will conclude around $17k as it is the convergence of the heads and shoulders, several trend lines and the 786 fib retracement level.
What I hadn't done is properly map out the internal 5 wave and ABC wave within the ABC structure (yellow lines). I also had to map out the possibility that I could be wrong in my wave count.
So some believe that what I have mapped out as the yellow 12345 of the A wave is actually the complete ABC correction, and we are currently on the way back up again. But you can see based on how I have mapped out the 12345, and the subsequent ABC that it matches the wave perfectly, but trying to map out the 12345 as an ABC pattern doesn't work out, as you can't fit a 12345/ABC/12345 in that short amount of space, and it doesn't look right.
Also click on the link above to see the greater wave structure, and see what I have mapped out as Wave 2 (light blue). My Wave 4 (light blue) matches the appearance and size of the Wave 2, but if you take my 12345 as a "wave 2", then the sizes don't match.
So I believe this current ABC correction wave (in orange) will conclude around $17k as it is the convergence of the heads and shoulders, several trend lines and the 786 fib retracement level.
What I hadn't done is properly map out the internal 5 wave and ABC wave within the ABC structure (yellow lines). I also had to map out the possibility that I could be wrong in my wave count.
So some believe that what I have mapped out as the yellow 12345 of the A wave is actually the complete ABC correction, and we are currently on the way back up again. But you can see based on how I have mapped out the 12345, and the subsequent ABC that it matches the wave perfectly, but trying to map out the 12345 as an ABC pattern doesn't work out, as you can't fit a 12345/ABC/12345 in that short amount of space, and it doesn't look right.
Also click on the link above to see the greater wave structure, and see what I have mapped out as Wave 2 (light blue). My Wave 4 (light blue) matches the appearance and size of the Wave 2, but if you take my 12345 as a "wave 2", then the sizes don't match.
So I believe this current ABC correction wave (in orange) will conclude around $17k as it is the convergence of the heads and shoulders, several trend lines and the 786 fib retracement level.
What I hadn't done is properly map out the internal 5 wave and ABC wave within the ABC structure (yellow lines). I also had to map out the possibility that I could be wrong in my wave count.
So some believe that what I have mapped out as the yellow 12345 of the A wave is actually the complete ABC correction, and we are currently on the way back up again. But you can see based on how I have mapped out the 12345, and the subsequent ABC that it matches the candles perfectly, but trying to map out the 12345 as an ABC pattern doesn't work out, as you can't fit a 12345/ ABC /12345 in that short amount of space, and it doesn't look right.
Also click on the link above to see the greater wave structure, and see what I have mapped out as Wave 2 (light blue). My Wave 4 (light blue) matches the appearance and size of the Wave 2, but if you take my 12345 as a "wave 4", then the sizes don't match.