Although we havent confirmed bottom yet we still have same legacy top trend line! BBlx has broken 21/233 ema bearish for the first time in history of weekly chart. I expect 10-13k bottom but we are near the 1-1 fib of our correction and historically corrections have bounced at the .786! Not claiming a bottom here but when we are finished correcting I think this Elliot wave count will hold true!
Rules for ending diagonal:
* Ending diagonals consist of 5 waves, labeled 1-2-3-4-5.
* Each wave subdivides into threes. Waves 1 and 4 overlap in price.
* Wave 3 can not be the shortest among waves 1, 3 and 5.
* Wave 1 is usually the longest, but not necessarily.
* Usually occurs in a wave 5 of an impulse and wave C of an A-B-C correction
Rules for ending diagonal:
* Ending diagonals consist of 5 waves, labeled 1-2-3-4-5.
* Each wave subdivides into threes. Waves 1 and 4 overlap in price.
* Wave 3 can not be the shortest among waves 1, 3 and 5.
* Wave 1 is usually the longest, but not necessarily.
* Usually occurs in a wave 5 of an impulse and wave C of an A-B-C correction