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RE: ETH update 02.01.19
That is impossible to tell right now, but it cannot be a triangle in wave 2. If we see a triangle then my labeling 1-2 is wrong and it must be an ABC instead.
It looks like a 3-3 correction, so it can morph into 3-3-3 (WXY) or 3-3-5 (ABC). It is not important to know which one it will be, because the targets are approx. the same. 3-3-3 is a little more rare than 3-3-5.
Thanks for the explanation. It really clears things up. I searched up the rules about triangles in the Prechter's book. Triangles can occur in the second wave but are extremely rare.
I disagree. I don't know why everyone reads Prechter. According to the ruleset I learned it is impossible.
He says extremely rare though meaning <0.3%. That is not a probability to bet your money on.
What books or resources would you recommend for Elliott Waves?
I have learned it from products of German experts, which probably would not help you at all.
I started with a simplified version (book on general ruleset with exceptions) and worked my way through 10h videos of complex corrections explained. Then I started falsifying so-called youtube experts for internalizing the ruleset. Because if you know where others make mistakes, your counting skills increase a lot.