Elliott waves might be hard to count, but it is the trader's job to lay out the possible scenarios. The third wave of larger degrees is almost always extended. I failed to think about that when looking at this corrective wave. It is now clear to me where we are going. Up until we test the top of out diagonal, and then if that were to break up, a leading first wave would form from the fifth. The bearish scenario says that we break down at the top of the triangle, and a truncated fifth wave is formed. This is bad for the bulls as it will demand a corrective retracement of at least 50% of wave 1. Watch price action closely.
Leave a like if I helped!
Follow for more updates.
Leave a like if I helped!
Follow for more updates.