a lot going on in this chart … bottom line is either here or a little higher we have significant resistance with the most “basic” of price projections completing the AB=CD.
in this case we have two AB=CD’s
a larger orange one that starts at the all time low around 58. and a “fractal” blue AB=CD that starts at/around 129.
I have also use a very helpful technique taught me by my friend and mentor Michael Jenkins. It’s simple and very powerful. basically take 1/8’s of the signal reversal candle and project up … as you can see, we have a 1.0 projection and a .5 projection hitting at our lower and upper target zones respectively.
we also have the light blue parallel channel being hit at the upper end
extension targets are present …
then, no kidding, NOW, I’ll take a peak at the “potential” count. what i do feel “ok” about (and that’s all I will every to admit to w/ Elliott Wave – an “ok”) is the sub degree count that is finishing (labeled in blue) and that shows we are finished/finishing 5 waves. Is the THE 5 or the 3rd wave …I’m going w/ a big 3 and a 4th wave correction is inbound …
hope this helps …
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