1) The five-wave Elliott wave series started on December 10th at $75 and ended at 337 on Apr 17th giving a good 4-month run-up in a beautiful 5 wave series, here are few confirmations why I think this is a 5 wave series:
a) Wave 1 started low at $70
b) Wave 2 is a zig-zag correction of W1 at 61.8% correction at $119
c) Wave 3 extended a little over 100% of Wave 1 to $246
d) Wave 4 is a zig-zag correction but sine Wave 2 is a longer correction, Wave 4 is a shorter correction ending around $153
e) Since Wave 1 & Wave 3 are short waves, Wave 5 is extended to 100% of the distance between the start of Wave 1 & Wave 3 i.e.(246-71=175) so Wave 5 started from $153 and went up by another $175 so total $153+$175=$328 (FIB 100% extension)
2) So, now we know that the perfect 5 wave Elliott series completed, what's next? I think it's going to be a BIG CORRECTIVE WAVE for the whole 5-wave series. Corrective waves are of three types Zig-zag, flat, and triangle correction, and the retracement can be at the following levels also touching the bottom of the long-term monthly channel coming from December 2020 :
a) FIB 38.2% - $234
b) FIB 50% - $202
c) FIB 61.8% - $171
e) FIB 78.6% - $125
I personally think that the market will retrace back to FIB 50% retracement at $202 before it picks back up again.
Appreciate everyone's feedback, happy trading
I made a mistake with wave 4, the wave 4 should be drawn to March 25th at $175 retracement and Wave 5 started from $175 to $335 which is FIB 100% of Wave 1 to Wave 3 (i.e. 170) + Start of Wave 4 $175 which then comes to $335 which is the end of Wave 5