The beauty of Elliott wave rules is that, if they are broken we know for sure we have to switch bias. In my previous chart here, we expected there will be a 5 wave move up and assumed in 4th wave correction, but also we give an invalidation level at $6 (Wave 1 top)
Now that is broken, the entire move up can be considered only as ABC (green), what will follow is a long draw down, retesting the lows or even making new ones
Notice how the price was contained within the channel as ABC and now it broke down from it, tried to enter again and failed (red arrow)
So we are in a 1-5 waves (red) down and have one more 5th wave to go, after that we should get a 3-wave bounce nd resume the downtrend but there is no way we break new highs, at least as per EW
Now that is broken, the entire move up can be considered only as ABC (green), what will follow is a long draw down, retesting the lows or even making new ones
Notice how the price was contained within the channel as ABC and now it broke down from it, tried to enter again and failed (red arrow)
So we are in a 1-5 waves (red) down and have one more 5th wave to go, after that we should get a 3-wave bounce nd resume the downtrend but there is no way we break new highs, at least as per EW
Commento:
The only bullish possibility I can see this on a weekly chart, but even then correction will be deep before see new highs
Commento:
Almost 2 months later, we are still in the same path after a second rejection from the green channel bottom (red arrow)
www.tradingview.com/chart/DUsKbuOW/
www.tradingview.com/chart/DUsKbuOW/
Trade chiuso: obiettivo raggiunto:
Target hit (blue line)
