New to TA so please excuse my ineptitude. As far as I can tell, this idea conforms to Elliot Wave formation rules. If this is correct, we will be entering corrective wave 2 shortly if $11786.01 isn't broken. I would appreciate any feedback if I've misunderstood or overlooked any formation rules which invalidate this analysis.
Comment:
5th wave of lesser degree is still in progress and is not a truncation. Still waiting to see what happens with wave of higher degree
Comment:
The trendline of the ascending wedge has been broken, but the reversal is still awaiting confirmation.
Comment:
Well the wave was indeed truncated and the trend did reverse. I was expecting a shorter first wave down.
