I see multiple options for where we are headed, all with valid Elliott Wave counts to support them. Here's a synopsis of what I'm looking at and why.
We had a massive move down that lasted 38 days. I find it hard to believe that we have completed correcting this move. I expect at least a couple more weeks of correction before we can consider any continuation to the downside. Although I believe we are in a corrective pattern, that does not mean that we won't see impulsive movement. As depicted, we would be in an ABC flat. The C would be expected to complete as an impulsive move.
Trading is based in probabilities. I find it most probably that we continue up in the near future. Could we move down to new lows from current levels? I consider this to be low probability. However, all of the paths I've highlighted assume that the final low is not in yet.
There is also a valid theory that we are not correcting the last move down, but a larger move down from back in March. This idea can be found from trader FriendsCallMeAP on Twitter. This would be more bullish than what is depicted here. For now, I am trading what is in front of me and am not assuming higher targets. I am looking to be on the correct side of the trade (long) if higher targets do come. Even this bullish version does not assume that the bottom is in.
We have many resistances to get through. I will be watching as these unfold. Note that these are simply hand drawn ideas of what to watch for. They are not intended to depict exact targets or entries.
Throw me a follow and put any questions in the comments below!
We had a massive move down that lasted 38 days. I find it hard to believe that we have completed correcting this move. I expect at least a couple more weeks of correction before we can consider any continuation to the downside. Although I believe we are in a corrective pattern, that does not mean that we won't see impulsive movement. As depicted, we would be in an ABC flat. The C would be expected to complete as an impulsive move.
Trading is based in probabilities. I find it most probably that we continue up in the near future. Could we move down to new lows from current levels? I consider this to be low probability. However, all of the paths I've highlighted assume that the final low is not in yet.
There is also a valid theory that we are not correcting the last move down, but a larger move down from back in March. This idea can be found from trader FriendsCallMeAP on Twitter. This would be more bullish than what is depicted here. For now, I am trading what is in front of me and am not assuming higher targets. I am looking to be on the correct side of the trade (long) if higher targets do come. Even this bullish version does not assume that the bottom is in.
We have many resistances to get through. I will be watching as these unfold. Note that these are simply hand drawn ideas of what to watch for. They are not intended to depict exact targets or entries.
Throw me a follow and put any questions in the comments below!
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Watch Pink.
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I've changed my bias to green with a retracement due soon before continuation up.