My first attempt at identifying an Elliot Wave Pattern - I'm short and seeking contrary opinions to this to break me of confirmation bias.
I see an impulse (1-2-3-4-5) from the 6 month sell off into June that now is in a correction phase in a form of an A-B-C Zigzag. The Impulse confirmed the trend because the drop between 2 to 3 was longer than 1-2 and 4-5. 2 Did not pullback and breach 1, thus confirming the Impulse.
The A-B-C zigzag is also well formed, especially with parallel lines which strengthens the notion it is a correction (counter trend rally). I think Downside is to retest previous low (Jun17).
Thoughts? Thanks.
I see an impulse (1-2-3-4-5) from the 6 month sell off into June that now is in a correction phase in a form of an A-B-C Zigzag. The Impulse confirmed the trend because the drop between 2 to 3 was longer than 1-2 and 4-5. 2 Did not pullback and breach 1, thus confirming the Impulse.
The A-B-C zigzag is also well formed, especially with parallel lines which strengthens the notion it is a correction (counter trend rally). I think Downside is to retest previous low (Jun17).
Thoughts? Thanks.