Everyone has been labeling this WXY with W flat, however, X did NOT retrace ~90 % which is a strong guideline in double combos. Therefore, relabeling it ABC with an A flat works better within the Elliott Wave rule set.
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Based on the volume profile of this most recent straight shot down, should we pivot off the .618 extension and hold that low, i would consider that being our 3 put in. Afterwards, we should consolidate and put in a 4, followed by our 5th down to approx $8050.
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A reasoning for how we ended our last wave up.
A reasoning for how we ended our last wave up.
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I screwed the pooch on this one. This ABC count is effectively the same thing as everyones WXY count and is 100% non compliant with the EWT ruleset based on the B retracement.
As long as we learn from our mistakes and more forward, was it really a mistake at all ? :)
As long as we learn from our mistakes and more forward, was it really a mistake at all ? :)