its not a head and shoulder formation...its an ending diagonal wave 5 in bigger wave 3 dude...head and shoulders usually happen in the end of a complete 5 wave...left shoulder is the end of wave 3 and head is wave 5 and right shoulder is wave A of and abc corrective wave...goodluck with that
@IIAF, yes we are looking at a bigger cycle and hence we shall count the fractal waves with less precision
but he is bringing an important point in Elliot wave theory and wave counting analysis...
BitonGroup
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@omidtrader1367, HI
An ending diagonal is a type of impulsive motive wave in Elliott Wave Theory that will be found in the subdivision of fifth waves or whole C waves in a structure. An ending diagonal C wave or 5th wave commonly shows an obvious wedge shape with an overlapping wave 1 and wave 4 or a Head and Shoulder in a channel with near to equal impulses...
These will subdivide into 3-3-3-3-3 however an overlapping wave 1 and wave 4 are not required conditions that must be met,
BitonGroup
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@omidtrader1367,
now if we consider the a Sub division of Wave 3 or 5 as an impulsive waves of our fractal wave count with an obvious diversion with MACD and having both shoulders on the equal size we can see that there is good probability that we are at the end of wave 5 as the Head and the right shoulder is B of the correction waves.
BitonGroup
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@omidtrader1367,
but i am requesting you to mention your wave count analysis here so i can visually comprehend what and how you are counting the waves so we can come to a better conclusion...
BitonGroup
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@omidtrader1367,
thanks for you comment and sharing your ideas :)