The video contains much more details. It presents a scenario of either a D wave or an E wave direction. Within the current price zone, two patterns can be identified: A triangle of a,b,c,d,e (blue) and a bear flag of an a,b,c,d,e (red). The below chart shows that should a bounce occur off the support line and gets repelled by the blue line; a triangle pattern could gain the confidence. If the bounce exceeds the blue line of the triangle and reaches the upper white line and gets repelled; then the bear flag could gain the confidence. Let's see how the overnight price action takes it. The MACD of the 4 hour time frame chart is oversold and a bounce is due.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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