For my own educational purposes, I decided to dive deep into the count of this potentially formed wave Y of the expanded flat correction:
As I have recently been studying Elliot waves, this most recent correction had caught my eye as something I hadn't observed in real time yet - an expanded flat on a high TF scale.
The Wave Y shown has a distinct 1-5 formation (red), and the corrective subwaves have been shown for clarification that it is highly probable the wave Y is finished, and we may have entered an impulsive wave in the macro direction - upwards.
I have mostly not done the smaller subwaves for the motive waves to make the chart less clogged.
This is not financial advice and always DYOR.
As I have recently been studying Elliot waves, this most recent correction had caught my eye as something I hadn't observed in real time yet - an expanded flat on a high TF scale.
The Wave Y shown has a distinct 1-5 formation (red), and the corrective subwaves have been shown for clarification that it is highly probable the wave Y is finished, and we may have entered an impulsive wave in the macro direction - upwards.
I have mostly not done the smaller subwaves for the motive waves to make the chart less clogged.
This is not financial advice and always DYOR.
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Where are we now? This depends on if we see a higher low as would be expected if we have just bottomed. Price on lower timeframe has currently formed what may be an impulse 1-5 wave followed by the first 2 waves of an expanded or running flat, into the final wave:
If a higher low is set here, we may deduce wave 2 of the higher impulse wave.
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Currently looking at this count from 29k on the higher timeframes:
Elliott's "channelling technique" may give the final target for the wave 5.
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Apologies, the zig zag correction shown on the idea is actually a single zig zag, not a double.
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Possible count following another potential 1-5 count following on from the expanded flat correction.
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As opposed to one of the previous comments about the potential macro 1-5 wave and finish at the top of the channel, we could also enter into a larger corrective phase, which would not be unlikely given the large wave 3 we had upwards from $3k:
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Interesting count on this range, is the correction about to finish? Volume spiked on the last low:
