Custom Search

Monday, February 22, 2016

Elliott Wave Update 22 February 2016

Proposed wave (a) of [ii] seems to be taking the form of a zigzag.

The market has retraced a bit over a Fibonacci 38.2% of the peak of wave 2 but not quite 38.2% of the absolute peak.

Note that prices are coming up on the underside of the neckline. Would be a logical stoping point for the peak of wave (a).
Technically speaking, if wave (a) is a zigzag and wave (c) is a zigzag, you have a double zigzag forming minute [ii] which would be correctly labeled (w)-(x)-(y).  But that's getting way ahead of things. What matters is we expected a sharp price rise and there is room for a lot more to hit our Minute [ii] in time and price as shown in the green target box above.

blog comments powered by Disqus