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Waste Management (WM) weekly chart below shows that a segment of price action has reached or should soon put in a top (white wave 5). However, when Elliott Wave counting, one has to have a clear understanding of the subwaves and degree of trends. The five waves posted on this chart are subwaves to a higher degree of trend wave 3. That means a wave 4 should be approaching.
The blue waves represent the higher degree of trend EWs. Note how the white waves become subordinate to the blue 3. If white 5 has still a bit more to go, then likely, it'll signal the turn towards blue wave 4 correction. IF the white wave 5 and so the blue wave 3 are complete; then the ABC corrective sequence could start anytime. So, would this be the most ideal time to be buying?
The MACD should rise to help put in the final touches of white 5 before initiating the red abc sequence for blue 4. Once blue 4 is complete, blue 5 should take prices to never seen heights.
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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?