Correction Completed

Looks like second time is a charm. Price broke below the channel and continued downward. I believe a double zigzag correction was completed as seen on the graph. Interesting that W=Y and thus forming a deep correction. I believe the up move to complete is the start of the next impulse wave and ended today at previous support.

تعليق:

Correction to the Wave count. Credit to Pure Elliot Wave analysis of the wave count. This was an ABC Zig Zag with an abcde Wave B in the middle of that mess. Regardless, Wave C (labelled (y) above was just slightly longer than Wave A (labelled (w) above) so meets the criteria for Wave C with no truncation. My impression is upward move is an impulse wave with Wave 1 likely almost completed and see downward movement. .618 fig is 4610. Could be start of a wave B which would have to be a very flat ABC correction.