Ladies and gentlemen,
Against other thoughts, I am not considering that we had a full cycle yet with 1-2-3-4-5 Elliot Waves from $600 (Feb-06) to $980 (Feb-17). To me that was only 3 impulsive waves that make a wave 1, now we had a corrective wave 2 from $980 to $790 and we are about to start a wave 3 that goes from $790 to $1369 and reaches exactly 161.8% of wave 1 and ALSO a very important resistance.
I don't consider the movement from $600 (Feb-06) to $980 (Feb-17) as a complete movement simply because in order to have a 1-2-3-4-5 Elliot Wave we need to follow some rules and basically, Wave 3 MUST be at least 161.8% fibo retracement of Wave 1 OR 5 which is not this case.
Thoughts?
Have a good day!
Against other thoughts, I am not considering that we had a full cycle yet with 1-2-3-4-5 Elliot Waves from $600 (Feb-06) to $980 (Feb-17). To me that was only 3 impulsive waves that make a wave 1, now we had a corrective wave 2 from $980 to $790 and we are about to start a wave 3 that goes from $790 to $1369 and reaches exactly 161.8% of wave 1 and ALSO a very important resistance.
I don't consider the movement from $600 (Feb-06) to $980 (Feb-17) as a complete movement simply because in order to have a 1-2-3-4-5 Elliot Wave we need to follow some rules and basically, Wave 3 MUST be at least 161.8% fibo retracement of Wave 1 OR 5 which is not this case.
Thoughts?
Have a good day!