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Friday, April 3, 2020

Elliott Wave Update ~ 3 April 2020

Primary count is that wave B of (2) is still tracing out. It retraced deeper in price. It looks like it is not finished either. Monday will be telling.

To the bottom of the marked trading range for B?
And of course there is still the chance this is merely wave 5 of (1) as shown below. However,  there is no alternation between corrective waves (2) and (4) which is not desirable. They are both sharp zigzag type correctives which is one reason this is not the top count. Also it doesn't channel well if this is 5 of (1). You can see that from the first and second charts above.

However if the market traces out down to (1) and bounces in (2) then that's what we would count it as.
Of course, ultimately wave (3) is predicted by this blog and we may well be in it already so counting squiggles is perhaps just an exercise to keep our minds occupied. Wave (3) would likely settle down to the next major price support area of the past decades and that would be previous market major tops.  Just a guess.

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