Because the pattern was developing for a while and now that price has breached the lower line of the upward pointing wedge, this chart is being brought to awareness.
The upward pointing wedge had been forming since February 6 and moved within contracting, upward pointing lines. The subsequent breach was also completed in five waves (white) where the 5h wave is yet complete. The key will be in the degree of the red wave 2 retrace as if this provides the higher high; then he Inverted H&S is back in play; but I believe this direction might become primary count soon. Get your cash ready and keep dry as the minimum run down by pattern measurement would be $267 and by Elliott Waves Fib $220. THIS IS NOT YET my primary count as I'm awaiting the nature of the red wave 2 retrace.
So, that was the TREE View; what about the FOREST View? If you consider the below chart; you might ask: What difference does it make as to what price does now at these short term frames? IMHO, NONE!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
