Short-term pain, longer term gain. Wave 4-of-C in progress for this particular wave-count.
I posit an initial move to ~$3520 to complete wave 4 followed by a subsequent move to ~$4750 to complete 5-of-C. The Green box represents the final target before a move down to ~$2400.
The Blue and Orange traces represent the 200 and 50 week moving average respectively...
* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Deceleration = Red) and act as dynamic support/resistance .
* This chart postulates an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C conforms to the highest probability outcome of an advance of...
* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Base = Blue, Acceleration = Green, Deceleration = Red) and act as dynamic support/resistance.
* This chart postulates a wave 4 correction of the larger downtrend in play. Wave 4 is postulated as an ABC structure with wave C in progress.
* The Green shaded box represents...
A chart I intend to use to keep an eye on obstacles for the rebound. Thick Red line should present significant resistance. Minor lines represent divisions of the deceleration channel and will also provide resistance.
I've used channel confluence to forecast market structure based upon the assumption of nested Elliott Wave zig-zag patterns in progress. We're currently in the eye of the storm so expect extremely choppy movement over the next day or so. The intention of this is not to forecast the precise movement of price but rather to understand market structure at a higher degree.
This pair has the best structure for EW and KC analysis. Base channel shown in Blue and Acceleration channel shown in Green (with adjacent shadow channels).
Green and Red lines illustrate energy barriers (dynamic support and resistance offered by the growth structure) offering support from above (Green) and resistance from below (Red).