This is an answer to Mr. Frank Schuh from "Elliottwaver Live", he asked for in his latest video on YouTube, 29th of January 23.
For interpretation of charts and finding ending points and trading ideas I use the Elliott Wave technique in combination with Fibonacci retracements/extentions and the MACD which Elliott himself did not mention.
In my opinion Supercyle Wave 1 is still in progress and will reach 19.998 points in the future before a serious and lengthy correction starts. Cycle wave III in blue was ending in Nov. '22 and reached with an overshoot 1.618-multiple of cycle wave in blue which I mentioned in the chart for better understanding.
Cycle wave IV in blue formed in three waves down a correction and reached more than 0.236-multiple on the top of cycle wave III in blue. If you add to this low the length of wave I in blue, you will reach 19.998 points as of the aims of cycle wave V in blue.
What has everything to do with the MACD - Elliott not mentioned in his book? As a result of growing attention using the MACD was that in an impulsive count up the MACD turns negative within a wave 2 and come back to zero line - almost touching - within a wave 4. (As you can see in the blue count).
Within a third wave you can see another thing: The MACD is above zero line in wave 2 of the third. The same is to recognize within a third wave of a third in lower time frames... and so on.
I won't bother you with even more details.
You asked for a count for a longer timeframe. Here is my count. Kind regards...
For interpretation of charts and finding ending points and trading ideas I use the Elliott Wave technique in combination with Fibonacci retracements/extentions and the MACD which Elliott himself did not mention.
In my opinion Supercyle Wave 1 is still in progress and will reach 19.998 points in the future before a serious and lengthy correction starts. Cycle wave III in blue was ending in Nov. '22 and reached with an overshoot 1.618-multiple of cycle wave in blue which I mentioned in the chart for better understanding.
Cycle wave IV in blue formed in three waves down a correction and reached more than 0.236-multiple on the top of cycle wave III in blue. If you add to this low the length of wave I in blue, you will reach 19.998 points as of the aims of cycle wave V in blue.
What has everything to do with the MACD - Elliott not mentioned in his book? As a result of growing attention using the MACD was that in an impulsive count up the MACD turns negative within a wave 2 and come back to zero line - almost touching - within a wave 4. (As you can see in the blue count).
Within a third wave you can see another thing: The MACD is above zero line in wave 2 of the third. The same is to recognize within a third wave of a third in lower time frames... and so on.
I won't bother you with even more details.
You asked for a count for a longer timeframe. Here is my count. Kind regards...