This is my first serious attempt with Elliot wave and using pitchforks.
To me it looks like REN is finishing this move with it's 5th wave.
Target is at the top of the blue channel where the 5th is placed.
To me it looks like REN is finishing this move with it's 5th wave.
Target is at the top of the blue channel where the 5th is placed.
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The weekly
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I adjusted the fork and built another count for the 5 wave as the original chart started falling into the red already. That still might be an accurate fork as with parabolic moves make it more likely to bounce off of the extended width of the fork. The new 1->2 marks the entrance of large volume propelling the 2-3 section.
if this breaks down further than it already did then we are likely in an ABC corrective wave. although this could be building a nice triangle.
I adjusted the fork and built another count for the 5 wave as the original chart started falling into the red already. That still might be an accurate fork as with parabolic moves make it more likely to bounce off of the extended width of the fork. The new 1->2 marks the entrance of large volume propelling the 2-3 section.
if this breaks down further than it already did then we are likely in an ABC corrective wave. although this could be building a nice triangle.
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Some other possible counts
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I'm trying to stay technical with this as best I know how, but keep in mind i'm an amateur with elliot wave, this is more of a test for my self.
If you have any advice please leave a comment!
If you have any advice please leave a comment!
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Current state of the chart that i'm using
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