Equities; Read at your own Risk
Took a little longer than one would have thought back in December, but here we are. Of interest in the chart below are the legs up from 3502, with the second .62 of the first, and the overall structure equivalent to the leg labeled X. All in all, that structure looks complete to the upside.
click on chart
If that rather classic consolidation is complete, what are the Elliott Wave targets lower?
The 3502 Oct 13 2022 low was a 50% retrace of the post Covid move up.
Next support once the lows are breached, is 3185; this is a .618 retrace of the post Covid move. It would also be c=1.236 of a .( down from the x wave).That 3185 level would also be abc =abc from the highs at 4808.
Of course it could exceed that with a 1.618 extension down, coincidentally at 2180, the Covid low.
1 Hour Bar Chart (though I prefer the 4 hr lately to eliminate noise)
I,m always a little flex on the labeling of shorter term charts. The -1- down COULD have printed on Feb 24 but...in either case it leaves us w a good chance of beginning (3) of -3- of C down.
Please respond in comments or even an email, love opinions.
Good luck out there.
Not a trading recommendation. Merely personal musings on Elliott Wave Theory. Reading can have substantial risk. Not approved by or for anybody.
Post a Comment