Based on elliot wave theory we can expect a trend reversal. As per my analysis we have just reached the end of the 4th Wave, because as per EWT rules:
1- "Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50% "- well 50% is slightly above current price
2- "Wave C is typically at least as large as wave A and often extends to 1.618 times wave A" - here again the rule has been satisfied, since it reached a level just above the 1.618 of the closed price on a weekly chart and below price of rule 1
3- "fourth waves are often frustrating because of their lack of progress in the larger trend", here again we can see if fulfilled the concept, full wave 4 already took longer time than wave 3, especially wave C.
I presume the trigger for reversal will be given this tuesday, 16/11, once retail sales are released.
Cheers
1- "Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50% "- well 50% is slightly above current price
2- "Wave C is typically at least as large as wave A and often extends to 1.618 times wave A" - here again the rule has been satisfied, since it reached a level just above the 1.618 of the closed price on a weekly chart and below price of rule 1
3- "fourth waves are often frustrating because of their lack of progress in the larger trend", here again we can see if fulfilled the concept, full wave 4 already took longer time than wave 3, especially wave C.
I presume the trigger for reversal will be given this tuesday, 16/11, once retail sales are released.
Cheers
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.