We are currently in the Development of a massive Flat after Wave 5(Green) hence Wave 3(Black) ended. Wave A(Red) followed and a Wave B(Red) is in the works. Wave B of a Flat has 3 Waves, two of which are impulse and one is corrective. The last wave of the three waves must go beyond the Wave 3. In this case our Wave 3 is marked in Black.
Back to our Wave B of the Flat and we can see that the first of the three waves of B is a 5 wave move marked in Blue. Wave 2 was a Zigzag hence Wave 4 must be a Flat. Wave A(Black) was formed and we are currently in the formation of Wave B. Wave A(Yellow) cannot be our Wave B(Black) simply because it did not have 3 waves as mentioned in the paragraph above. As per usual the Math must back up any Elliott Wave analysis. Therefore Wave B(Yellow) cannot go beyond 0%, and Wave C(Yellow) or B(Black) cannot go beyond the 261.8% Fibonacci level.
Back to our Wave B of the Flat and we can see that the first of the three waves of B is a 5 wave move marked in Blue. Wave 2 was a Zigzag hence Wave 4 must be a Flat. Wave A(Black) was formed and we are currently in the formation of Wave B. Wave A(Yellow) cannot be our Wave B(Black) simply because it did not have 3 waves as mentioned in the paragraph above. As per usual the Math must back up any Elliott Wave analysis. Therefore Wave B(Yellow) cannot go beyond 0%, and Wave C(Yellow) or B(Black) cannot go beyond the 261.8% Fibonacci level.
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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.