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This weekly chart of Sysco Corporation (SYY) shows only a partial segement Elliott Wave count. The blue waves outline a five wave ascent that is probably complete, if not already (red circle). But, how does this part segment EW count fit into the whole chart? The below explains.
If the blue five wave (red circle) is complete, then Elliott Waves states that a requisite correction must occur. The red ABC sequence outlines that potential. The blue subwaves for the rest of the chart have been placed and the whole sequence can be read as: 5,3,5,3. In other words, these are subwaves to a higher degree of trend waves. The MACD is set to support the red abc correction sequence outcome.
Here is the bigger picture that better shows how the subwaves fit into the higher degree of trend waves (purple). In effect, purple waves 1,2 and 3 are complete and 4 is or will shortly be in progress. Purple five should bring in all time new highs for a while. So, the purple 4 wave correction should soon be accompanied by news or events of an economic slow down or an outright recession.
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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
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