The TREE COUNT for Shorter Term Traders:
On the 14th post, the target for wave 5 was set a $258 and it ended at $252; $6 shy. Elliott Waves states that after five waves, there is a requisite retracement. This can occur in various patterns and counts.
For now, the retracement is labeled as an abc (red). Though, this doesn't necessarily mean that the correction can't morph into a triangle or another of the 36 possibilities. However, monitoring correcions allows one to best identify not in/out trading scalping opps but rather ladder buy entries at suspected and probable correction terminations.
The current correction could be seen as a wedge pattern. This is shown by the white trend lines. Price is quite proximal to the apex...let's see what happens during overnight price action; it would be ideal for the upper white trend line to be breached
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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