It looks like 5 waves are now completing from the Jan 2023 truncated C wave low. Divergence in the RSI makes a long term top more likely as well.
It looks like we are left with two options in a bullish path. An impulse (In red) targeting the $2800 price. Or an Ending Diagonal (In black) targeting the $2300 price.
Possible Triangle in a B Wave correction. Then, maybe, setting up for a final C wave move up to $500 or more. Which would be followed by either, a final very quick 5 wave move back to 2015 low, or a more slower correction in a Y Wave back to similar levels.
If the Nasdaq fails around the pink region then it's very possible that primary Wave 3 completed in late 2021. It would need a (c) wave down to compete an A wave in a possible Flat structure. A move up after it completes, could even reach higher highs than 2021 before it gets a devastating C wave down A move under $8500 would be a great buy.
It's possible that it's approaching a significant top, around $1200 level, in an E Wave. This would be inside a B Wave triangle. It could take it down to around the $400 level.
A possible ending diagonal forming, which if correct, would mean a very fast move down towards the beginning of the digonal and would signal a long term top. Also there's lots of divergence on the rsi. This would mean excellent news for Gold and Emerging markets investors.
It looks like a possible ending diagonal which is completing a final 5th wave. This would signal a multi year bull market in the pound.
Big test for Gold coming up. Will the parallel channel hold ? Will the 38.2% level of Wave 4 Hold?
If it cannot find support soon and make another wave up to complete primary 3, then it' possible that Wave 3 competed in May. If so a trip down to $5586 or $1225 levels would be the prices to watch out for in Wave 4.
With Wave 3 not being very extended in the relation to Wave 1, it leaves the door open to extension in Wave 5.
Using Elliott Waves thurst measurements on this triangle would give a target of around 90.
Looking for a C wave to start soon, and the stochastic is looking over sold on both daily and weekly time frames.
8 month sideways correction looking to complete soon.
Could be a E.D in a C wave, which would then re test the March lows.
A possible combination of ZIG ZAG followed by a FLAT pattern and it should be completing soon. The 5th wave of the C wave could be an ending diagonal pattern, if so the reversal could be very fast. The bearish alternative is that next bounce could be a B wave that retests the May high, then back down again in a C wave.
After the 5 waves up complete from the 2009 low what is next? Either a wave 2 or a C wave in a larger flat.