An Elliot Wave Theory based Analysis of OMXS30 in Aug-19
After some futher studies I have updated my graph with better numbering and other minor improvments but here is what I think will happened in near future.
Looks like we have a turn around formation brewing.
If we have counted this one correct we have started on the 3'd wave of the secondary trend which will after its fifth wave conclude the 3'd wave of the primary trend.
Now remember that the 3 wave of the secondary trend can be subdivided in to many smaller 5 wave trends.
So depicted with the fake data is what I expect the begining of the subdivision to look like.
We have completed wave 1 and 2 of one of those subdivided waves.
subdivision is very well described here: https://elliottwave-forecast.com/elliottwave/elliott-wave-theory-5-waves-advance/
Now as Roasan describes here: roasan-bullbear.blogspot.com/2019/08/ it is far from certain that this count is bullet prof as we do not quite have the support from stochastic on weekly basis for it to work.
But everything cant be perfect every time..... So what we will need on Monday is a turn around to form a higer low and create a higher high. Once we have thatin place, it increases the probability for this count to be correct and then hopefully we can make som good trades from that forcast.
As always any comment is welcome.
Looks like we have a turn around formation brewing.
If we have counted this one correct we have started on the 3'd wave of the secondary trend which will after its fifth wave conclude the 3'd wave of the primary trend.
Now remember that the 3 wave of the secondary trend can be subdivided in to many smaller 5 wave trends.
So depicted with the fake data is what I expect the begining of the subdivision to look like.
We have completed wave 1 and 2 of one of those subdivided waves.
subdivision is very well described here: https://elliottwave-forecast.com/elliottwave/elliott-wave-theory-5-waves-advance/
Now as Roasan describes here: roasan-bullbear.blogspot.com/2019/08/ it is far from certain that this count is bullet prof as we do not quite have the support from stochastic on weekly basis for it to work.
But everything cant be perfect every time..... So what we will need on Monday is a turn around to form a higer low and create a higher high. Once we have thatin place, it increases the probability for this count to be correct and then hopefully we can make som good trades from that forcast.
As always any comment is welcome.
