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R.N. Elliott had the genious to conceptualize the fractal nature of Fibonacci ratio as reflected in price patterns. He also understood the abstract nature of sentiment reflection on price movements. This is how he arrived at the conclusion that news and events will arrive later to justify the forecast based on price patterns and EW counts.
Just as the below chart shows, a wave 4 is approaching (blue). IF blue 3 is not yet done, 4 is still approaching. From the looks of it, there could be one more incremental higher high, but not required. This forecast is the reflection of sentiment and yet there exists no news or events hinting that blue 4 correction is getting closer.
Subwaves are used to qualify the higher degree of trend labels. In this chart, blue 3 shows that all five subwaves of blue 3 are placed. The red ABC is projecting flat correction; however, if the rule of alternation between 2 and 4 waves kick in, the sequence can become more complicated. Given that MACD is a bit oversold, it should bounce to support the B wave rise and the decline further into C.
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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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?