The daily UKX since its all - time high is a good example of a completed or possibly still developing Elliott wave - Horizontal Triangle.
The clue to discovering a Horizontal Triangle is that both rallies and declines have choppy moves that overlap prior sub waves.
The supposed Intermediate degree wave (A) is illustrated with detailed sub waves. The entire structure is a Single Zigzag with the supposed Minor wave C as an extended impulse wave that terminates with Minute wave "v" boxed Ending Diagonal Triangle. Note the overlap and general choppiness of the move down from the all - time high to the bottom of wave (A). The subsequent Intermediate degree sub waves all have the look of corrective patterns.
Intermediate wave (A) is a Single Zigzag
Wave (B) is a Double Zigzag
Wave (C) is a Single Zigzag
Wave (D) is a Double Zigzag
Wave (E) is a Single Zigzag
One alternate count - the Horizontal Triangle is incomplete and will continue meandering sideways.
A more likely bullish alternate count is that the rally is a developing Ending Triangle which is another structure in which all sub wave themselves sub divide into three waves or a combination of three waves.
Mark
The clue to discovering a Horizontal Triangle is that both rallies and declines have choppy moves that overlap prior sub waves.
The supposed Intermediate degree wave (A) is illustrated with detailed sub waves. The entire structure is a Single Zigzag with the supposed Minor wave C as an extended impulse wave that terminates with Minute wave "v" boxed Ending Diagonal Triangle. Note the overlap and general choppiness of the move down from the all - time high to the bottom of wave (A). The subsequent Intermediate degree sub waves all have the look of corrective patterns.
Intermediate wave (A) is a Single Zigzag
Wave (B) is a Double Zigzag
Wave (C) is a Single Zigzag
Wave (D) is a Double Zigzag
Wave (E) is a Single Zigzag
One alternate count - the Horizontal Triangle is incomplete and will continue meandering sideways.
A more likely bullish alternate count is that the rally is a developing Ending Triangle which is another structure in which all sub wave themselves sub divide into three waves or a combination of three waves.
Mark