SUMMARY
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Combining chart patterns with Elliott Waves has been a powerful algorithm to project probable price pathways. The below shows that Eaton Vance Corp. (EV) ran up an impulse wave (blue) sequence and that coincided with the 2008 financial crisis so that the ABC correction was fast and swift. Since then, the upward wedge pattern has be formed. A ten year pattern...it's probably not to be ignored.
There is a potential for price spike up and out of the top red trendline but only briefly and come right back down and start correcting into a wave 4, as shown in the below chart. IF this count is correct, then there is a wave 5 remaining. There is also the wave count scenario of price declining further than shown for wave 4 but they will be presented as an update in a few weeks.
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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?
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