SFL just finished impulse wave and now heading into correction?
Hi. In this 1D chart I've done my first attempt at plotting an Elliott impulse wave and its corresponding correction wave.
If the right shoulder makes itself clear and the correction does proceed roughly as shown it would be a pretty clear sign of a new impulse wave starting.
Any points after (5) are speculation and should be treated as unsure and unfounded until proven otherwise.
Especially the price of point (C) when it occurs.
The last point of the correction, (C), would as usual be a good place to go long but a safer option could be to wait for the (2) in the new impulse wave before posting a long position.
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
If the right shoulder makes itself clear and the correction does proceed roughly as shown it would be a pretty clear sign of a new impulse wave starting.
Any points after (5) are speculation and should be treated as unsure and unfounded until proven otherwise.
Especially the price of point (C) when it occurs.
The last point of the correction, (C), would as usual be a good place to go long but a safer option could be to wait for the (2) in the new impulse wave before posting a long position.
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
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