SUMMARY
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For Icahn Enterprises (IEP), the weekly chart shows a pair of fractals that have been boxed in white and blue. Can you see the similarities of the price action? Even the MACD is showing the fractal relationship. The white box contains a rise and a correction and then another rise into the blue box. The current correction is likely the one prior to the rise.
When adding the Elliott Waves, the purple impulse is the fractal impulse of the second white. It also has a good probability of tagging an all time new high also. Purple wave 2 has probably not yet started and once complete, purple 3 should onset. The MACD should dip into the purple 2 sequence and then rise to support the purple 3 which should rise very violently.
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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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