After spending much of today looking at the pattern I have revised this larger b-wave retracement to be a w,x (a,b,c,d,e Triangle) for y of b. As I have stated previously b-waves and 4th waves are where our most complex Elliott Wave patterns appear. The above count is really the only way to count this consolidation and it works perfectly within the guidelines of the use of a wxy pattern.
If this is correct, we have already started our decline lower in a "c of b". I only have 3 micro waves down so far so whether this is an "abc" or an impulsive 5-wave c-wave down is yet to be determined. What is for sure (if my count is correct) we're headed lower into the 3700-3600 area.
I'll update again in the morning.
Best to all,
Chris
If this is correct, we have already started our decline lower in a "c of b". I only have 3 micro waves down so far so whether this is an "abc" or an impulsive 5-wave c-wave down is yet to be determined. What is for sure (if my count is correct) we're headed lower into the 3700-3600 area.
I'll update again in the morning.
Best to all,
Chris
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Disclaimer
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.