So far we've had a 50% retracement
of the previous 5th Wave but I still feel it's not enough as the whole impulsive wave needs to correct. If we get that then price could come down lower than the correction we've had so far. A full correction could see price come down to between $5000 top and $3000 bottom (i.e. the price range of the 4th corrective wave). Let's not get over ambitious so for now I'm simply looking for any chance to go short. At the moment structure looks like an ABC
correction with the C wave just starting. Do not jump into this right now let price show us where it is going next. If it moves in the direction I'm forecasting then I'll look for an entry set up and if it pushes further north I'll leave it alone.
I'll update my ideas as they develop
First rule of trading - Protect you capital
Any one trying to learn Elliott Wave
Theory can find a FREE comprehensive Building Blocks video course on my website. See my profile for the link.
You can also follow updates via twitter (link from my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome
Good luck Steve Nixon