Good morning all,
hope you had a nice time :-)
I have just updated my Elliott Wave count on my blog, which can be accessed through my signature.
Depending on how high this developing y-wave will run, I eventually have to change my count to a big 1-2, 1-2 count. Critical level is 3573, which is the end of my orange wave 1. A move into territory of wave 1 is not allowed except we are in a big leading diagonal. Such a big leading diagonal might be very unlikely, but we can not rule it out because of wave orange 1 and 3 are not very clear impulsive.
Critical level for the 1-2, 1-2 count is 3786, the end of my orange wave 2. This is the most critical level for the broader bearish case. What I do not like about the 1-2's count is, that the second 2 is much larger than the first one. There is no clear rule about this in EWP, but somehow it has not the right look.
A third option is, that we are in a big ABC-pattern, which you can access on The Elliottwavesurfer's blog at http://theelliottwavesufer.blogspot.com/
For this count we have to adapt our long term view accordingly.
All three counts have in common, that we shall see a severe drop once this correction is completed.
Best to you all, trade safe and prosper,
Markus
hope you had a nice time :-)
I have just updated my Elliott Wave count on my blog, which can be accessed through my signature.
Depending on how high this developing y-wave will run, I eventually have to change my count to a big 1-2, 1-2 count. Critical level is 3573, which is the end of my orange wave 1. A move into territory of wave 1 is not allowed except we are in a big leading diagonal. Such a big leading diagonal might be very unlikely, but we can not rule it out because of wave orange 1 and 3 are not very clear impulsive.
Critical level for the 1-2, 1-2 count is 3786, the end of my orange wave 2. This is the most critical level for the broader bearish case. What I do not like about the 1-2's count is, that the second 2 is much larger than the first one. There is no clear rule about this in EWP, but somehow it has not the right look.
A third option is, that we are in a big ABC-pattern, which you can access on The Elliottwavesurfer's blog at http://theelliottwavesufer.blogspot.com/
For this count we have to adapt our long term view accordingly.
All three counts have in common, that we shall see a severe drop once this correction is completed.
Best to you all, trade safe and prosper,
Markus
