My reasoning;
Wave 2 of the Wave was a Zigzag from the weekly time frame, and as per the rules, Zigzags must be followed by Flats in any correction-- meaning our Wave 4 must be a Flat. Indeed, Wave 4 is a Flat, seen clearly in the daily time frame and it begins after Wave 3(in Black), with a three wave move that is not deep enough to be a correction. This is normal for Wave A in any Flat and is labelled in Dark Blue. After Wave A was completed, we would expect a Wave B and as per the rules, Wave B must go beyond Wave 3's ending. This can be clearly seen in both the daily and weekly time frames. Back to the daily time frame and we can take a closer look at Wave B that is still unfolding. Elliott rules dictate that B must be a three Wave move with two impulses and one corrective wave. The first impulse was formed and the second(corrective) was a Flat which is a corrective structure. Now all that is left is the third wave which will be the second impulse that will complete the Wave B(Dark Blue). Upon completion of this Wave B we could expect a Wave 4 to the downside.
All these Waves have been measured by the Fibonacci Retracement tool.
Wave 2 of the Wave was a Zigzag from the weekly time frame, and as per the rules, Zigzags must be followed by Flats in any correction-- meaning our Wave 4 must be a Flat. Indeed, Wave 4 is a Flat, seen clearly in the daily time frame and it begins after Wave 3(in Black), with a three wave move that is not deep enough to be a correction. This is normal for Wave A in any Flat and is labelled in Dark Blue. After Wave A was completed, we would expect a Wave B and as per the rules, Wave B must go beyond Wave 3's ending. This can be clearly seen in both the daily and weekly time frames. Back to the daily time frame and we can take a closer look at Wave B that is still unfolding. Elliott rules dictate that B must be a three Wave move with two impulses and one corrective wave. The first impulse was formed and the second(corrective) was a Flat which is a corrective structure. Now all that is left is the third wave which will be the second impulse that will complete the Wave B(Dark Blue). Upon completion of this Wave B we could expect a Wave 4 to the downside.
All these Waves have been measured by the Fibonacci Retracement tool.
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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.