SUMMARY
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Oof! Here is weekly chart of United Parcel Service (UPS) showing that it started as an ABC correction back in year 2k and from there imulsed up in five waves (blue). IF wave 5 has topped (red circle), then a requisite correction is likely to be next. Similar to FedEx; this type of potential price topping suggests of a minor recessionary economic environment might be approaching. What do you think? Is this the ideal time to be buying?
Subwave counting is used to qualify the higher degree of trend wave labels. It's an effective quality control for Ellioticians to employ. This is why to be proficient in Elliott Waves, once must become proficient in EW labeling. The below chart shows that subwaves concur to the blue higher degree of trend. The correction has also likely begun with red A wave. Red Wave B has also probably started but likely won't complete for a while. For now, I've placed wave C to reach 0.5 Fib level but the 0.618 is also likely. Recall that wave 2 need only not exceed the origin of wave 1 to become invalidated.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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