UPDATE #2: Fail/Abort! Limit close and hope a sucker takes the other side!
QUICK UPDATE: Despite that prices have exceeded the stoploss, there's not clear evidence yet. The wave2 looks like a flat (on my 1minute chart), and in that case the wave C would be roughly equal to A in height but several times longer in length. It might perk up over the 78.6%, but I'd wait it out before calling it (roughly 2.68x the time-length of A?).. alternatively (and for bonus points) you could count out the 1-2-3-4-5 of the wave2's C wave to get the measure.
A super short term call! Fails if stoploss is hit (ie wave2 retraces more than 78.6% of wave1..and holds position for more than a few minutes). Demonstration of how to use very little information about the bigger picture to construct a complete short-term picture of the Elliott wave.
The keys are to remember that
A and C are impulse waves and therefore get their own ABC corrections
C is a wave 3 so its nasty (extra long & hard)
You gotta build from the ground up, not the other way
Use objective, research-based tools like AO and Alligator to help parse the tangle into something neat.
Bonus points for the A=C rule-of-thumb shortcut
As of publish time, we haven't seen full formation of most recent wave2, so we don't know what's happening for certain.
*Note that the 1-2-3-4-5-A-B-C sequence in the middle (bright purple) is the compass: the combo of (1) Bill Williams' 140-bar Awesome Oscillator (2) the alligator, makes the wave stand out. (Based on empirical research, ofc.)
And.. I sure will look like a jackass if I'm wrong :)
QUICK UPDATE: Despite that prices have exceeded the stoploss, there's not clear evidence yet. The wave2 looks like a flat (on my 1minute chart), and in that case the wave C would be roughly equal to A in height but several times longer in length. It might perk up over the 78.6%, but I'd wait it out before calling it (roughly 2.68x the time-length of A?).. alternatively (and for bonus points) you could count out the 1-2-3-4-5 of the wave2's C wave to get the measure.
A super short term call! Fails if stoploss is hit (ie wave2 retraces more than 78.6% of wave1..and holds position for more than a few minutes). Demonstration of how to use very little information about the bigger picture to construct a complete short-term picture of the Elliott wave.
The keys are to remember that
A and C are impulse waves and therefore get their own ABC corrections
C is a wave 3 so its nasty (extra long & hard)
You gotta build from the ground up, not the other way
Use objective, research-based tools like AO and Alligator to help parse the tangle into something neat.
Bonus points for the A=C rule-of-thumb shortcut
As of publish time, we haven't seen full formation of most recent wave2, so we don't know what's happening for certain.
*Note that the 1-2-3-4-5-A-B-C sequence in the middle (bright purple) is the compass: the combo of (1) Bill Williams' 140-bar Awesome Oscillator (2) the alligator, makes the wave stand out. (Based on empirical research, ofc.)
And.. I sure will look like a jackass if I'm wrong :)
