LTC - Are we now in a new trend?
Updated
Flat corrections are also known as complex sideways patterns. Their shape is also the three-wave pattern, but it is considered to be broken down into a smaller subset of three-three-five. LTC has fairly similar equal time cycles in the three pattern.
Contracting Triangle Correction Guidelines:
In contracting triangles, the five-wave sequence will have at least two waves going in the same direction that have a 1.618/0.618 relationship to each other. That means that either A and C or D and E will have that Fibonacci inter-wave relationship. Measuring thrust waves from triangles are good guidelines for understanding the trend. We have three contracting triangle wave, all three thrust waves down seem to confirm.
Learning to identify contracting triangle waves as a single wave count is important to see the patterns correctly. One of the hardest things to do as an Elliotician, is identifying triangles in play. You always seem to find them in hindsight.
The peak is now labeled as 1 and we just finished the uptrend flat 3-3-5 with 2. Are we now in a new trend entering a long three pattern?
Right now, I'm waiting for the trend to confirm. But there is a strong possibility that we are now out of the correction pattern. Will see.....
Contracting Triangle Correction Guidelines:
In contracting triangles, the five-wave sequence will have at least two waves going in the same direction that have a 1.618/0.618 relationship to each other. That means that either A and C or D and E will have that Fibonacci inter-wave relationship. Measuring thrust waves from triangles are good guidelines for understanding the trend. We have three contracting triangle wave, all three thrust waves down seem to confirm.
Learning to identify contracting triangle waves as a single wave count is important to see the patterns correctly. One of the hardest things to do as an Elliotician, is identifying triangles in play. You always seem to find them in hindsight.
The peak is now labeled as 1 and we just finished the uptrend flat 3-3-5 with 2. Are we now in a new trend entering a long three pattern?
Right now, I'm waiting for the trend to confirm. But there is a strong possibility that we are now out of the correction pattern. Will see.....
Note
We now multiple bullish thrust triangles. This is a very good sign.
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