New to TA so please excuse my ineptitude. As far as I can tell, this idea conforms to Elliot Wave formation rules. If this is correct, we will be entering corrective wave 2 shortly if $11786.01 isn't broken. I would appreciate any feedback if I've misunderstood or overlooked any formation rules which invalidate this analysis.
Note
5th wave of lesser degree is still in progress and is not a truncation. Still waiting to see what happens with wave of higher degreeNote
The trendline of the ascending wedge has been broken, but the reversal is still awaiting confirmation.Note
Well the wave was indeed truncated and the trend did reverse. I was expecting a shorter first wave down.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.