WINGS Broadening Pattern Shows Next Step Potential to be Up
When price is sitting on the lower support line of a broadening pattern, I've coined it as the Jaws of Wealth. Why? Price moves in an ABCDE format and WINGS/USD is currently about to complete the ABC (red) subwaves of the red D wave of the pattern. This D wave is expected to terminate at or near the lower blue line. The next wave to expect after D is E and that destination is pretty high up on the upper blue trend line.
Wave D is not yet complete. The subwaves show a ZigZag about to finish as shown by the ABC (red) and subwaves. The final five subwaves of the C wave shows that the 5th could have just been initiated. Let's see what happens once this wave completes.
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Elliott Wave Counting Tutorial #1
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