Spring or continuation?

٢١ يناير ٢٠٢٢

I was a bit surprised at the upward movement but still maintained a correction sequence based on Elliot wave theory. I was counting that upward movement as a Wave 4 correction and came close to invalidation by overlapping Wave 1. Close but no cigar. I think we will finish up Wave 3 on overnight trading and into tomorrow's session with a nice correction and probably a short Wave 5 to finish up the "Spring" if the overall count is bullish. It's quite possible this is a start of a bigger correction that will last for quite a while.