Hello Fellow Steamians.
I'm fairly excited right now at what I'm seeing. Although my bubble could be popped, I'm just gonna go out and say I think the correction is now done. I know I'm going out on a limb and saying that but here is my evidence as I see it. Now there is always room for Alternative Elliot wave counts...but these waves are sooo clear. So below I would like to present my evidence.
Let's Begin.
First we have an hourly chart marked with five waves down in a Second wave, C Wave (refer to previous posts for more info on those waves)
What we are seeing is Truncation. In Elliot wave this happens at turning points or the 5th wave. Truncation is when the Fifth fails fails to go lower then the previous third wave of the same degree.
Pointed out in the picture below is positive divergences seen on the RSI and the MACD. That means we see higher lows on these indicators even though we are seeing the price stay the same level or go to lower levels in price action to the prior third wave.
Also keep in mind that all these waves that I'm labelling Second waves of various degrees...all retrace to in the area of 61.8%.
Here is a 15 minute chart that shoes the price popping out of the short term channel.
So we will see what happens, but all I know is that there are nice crisp waves counts there. Whether it's the correct count or not...we will have to see.
To lower risk you would wait for price to close above 11,150 on the daily.
That will signal 100% that the trend has changed and we should see higher highs coming. Here is a 4 hour chart below.
And that is my update. Just because things are looking interesting to me at the moment. By morning I could be Dead wrong. We will see. I'm going to stick my neck out anyways and say the pain of the correction is done.
this is not investment advice but mere amateur Elliot wave analyzes
Thanks for reading and hope you enjoyed. Upvote or Resteem if you found it helpful or interesting.