5 Scales of Elliot Waves are happening at the same time. The smaller scale Elliot Waves are living on the leg 3 of the next level-up Elliot Wave. The colors are presenting the various scales.
The largest Elliot Wave (gold) started at the peak at the beginning of September and is looking to terminate at the end of September. If you follow Elliot Wave analysis you know each leg can hit any number of Fibonnaci levels, which means we do not know the exact target. We could get leg 3 and / or leg 5 extensions. My feeling is we will hit 3000, or 3200, or somewhere in between based on Fib levels.
Doing Elliot Wave analysis since February both during the march crash, the long rally, and now the correction/crash, I have found myself readjusting the slopes of future legs which keeps pushing out the targets of the Elliot Wave legs. Thus, I will not provide a timing for this correction / crash just the high level idea that Elliot Waves with Fibonnaci levels are dictating the dynamics of each leg at each level.
The largest Elliot Wave (gold) started at the peak at the beginning of September and is looking to terminate at the end of September. If you follow Elliot Wave analysis you know each leg can hit any number of Fibonnaci levels, which means we do not know the exact target. We could get leg 3 and / or leg 5 extensions. My feeling is we will hit 3000, or 3200, or somewhere in between based on Fib levels.
Doing Elliot Wave analysis since February both during the march crash, the long rally, and now the correction/crash, I have found myself readjusting the slopes of future legs which keeps pushing out the targets of the Elliot Wave legs. Thus, I will not provide a timing for this correction / crash just the high level idea that Elliot Waves with Fibonnaci levels are dictating the dynamics of each leg at each level.