- On the weekly chart, you can see that there is a CYCLE zigzag truncate pattern. According to Glen Neely, this pattern has a minimum target of an 81% retracement @45.5. - On the daily chart, there are two likely scenario that could occur: 1. Primary wave has already completed and we are approaching Primary wave . 2. Primary wave might not be completed: we...
- The first minute pattern was a zz truncate (July 7 - Aug 16). Hence, we have a TP for the second leg of 81% of the first zz truncate pattern (@2.56). - Note: Minute wave of the first zz truncate seems to be a non-standard correction with the last ABC also being a zz truncate. However; price did not retract back to 61.8%/81% of this wave. Since history tends...
- Downtrend pattern: non-standard correction (ABCXABC), which according to Elliot Wave Theory should retrace back to at least 61.8% of the last ABC. (@0.47) - Wait to enter after a nice retracement.
Flat Pattern - We are seeing a Flat Pattern with a Strong Wave B and a very likely a Wave C Failure. This pattern is a very strong correction pattern that could leads to a very aggressive upthrust after the end of this corretion. - Wave C is making a 5x Terminal Pattern - suggesting that price will at least make a new high.
Aggressive price thrust of cycle wave V is expected, which will lead to price making a new high.
- Still ongoing downtrend in minor wave c. - Confirmation of the end of wave c when the 0-B trendline is broken.
- We are in Primary Wave ; approaching the end of this cycle.
- We are currently in the Minute Wave ; approaching the Minute Wave . - I do expect price to move down to complete the Minute Wave , however; beware of a fifth wave failure happening (aka new low not reached).
Non-standard Correction - ABCXABC in the downtrend - There is a high probability that price will go down further to complete another ABC following the Intermediate Wave (X).
Non-standard correction (ABCXABC) - We are in a non-standard correction in which the second ABC is anticipated.
- I expected a retracement up to at least 39.5 since February. - Next: Expect a 5x move up to 87.50.
ZZ Truncate Pattern - Minimum Target is at 2.20 - 81% of the whole zigzag truncate pattern.
- We are in a very nice uptrend of the Supercycle Wave (c). However; I do expect a period of consolidation before continuing up in our trending direction. Minimum TP is at 6.14.
Non-standard Correction (ABCXABC) - As shown in the chart we are approaching the second correction of a non-standard correction.
- Cycle: non-standard correction abcxabc - currently at Cycle Wave c of the last correction. - Primary: Expect a minor retracement of wave 4 - areas of support = 19.2, 18.1
- We are currently in Intermediate Wave (D) of a triangle. Expect a very aggressive thrust after this correction has ended.
- Spotted a Flag Pattern. - To be very honest, there is no obvious Elliot Wave analysis here; Some may argue that a triangle correction is valid here but the subwaves count are not accurate.
- The future do not seem very bright here. If this analysis turns out to be right, we are looking at a new low beyond 0.20. However, if price reverse up and make new high pass 3.57, this would mean the end of a cycle wave down.