Please note that I am a NEW Elliot waver. This chart is not meant to be financial advice. I am not making a play on this chart. This is for practice for me.
For the start of this explanation, please ignore the thick blue lines that the number 1 circled, and 2 circled next to them (the circles are white with blue outlines). Why? Because I first analyzed the major uptrend.
It was hard to Elliot waves of this chart. The first 1-2-3-4-5 (in white) as well as the second are best guesses. The second set seems to be falling in line with a proper count at the time of this writing.
I then went back and drew my green 1-2-3-4-5 (next degree higher) lines. Please note that at the time of this writing, waves 4 and 5 are speculative and that is the basis of this post. I wanted to see if I could project out the progression of AMP.
The big purple boxes measures out the distance traveled of minor waves 1-2-3-4-5 (white lines). I then duplicated the box and set up against the next wave 1-2-3-4-5 series to get basically a 1 to 1 measured move (although the second set was a slightly larger move).
I did a fib retracement from points 1 and 5 from the second set of waves 1-2-3-4-5, marked by the green wave (3). I expect green wave 4 to retrace into the dark purple area (which is a .618 to .382 retracement area).
For the determination of green wave (5), I assumed a 1:1 measured move (thus the 3rd light purple box). I keep symmetry of angle as measured against green wave (3). Green wave (4) has a retracement range between the .618 to .382. If green wave (4) retraces to the .382, wave 5 should end at the bottom of the green box at the top of wave (5). If green wave (4) retraces to the .618, wave 5 should end at the top of the green box at the top of wave (5).
Ok now the hard part.
Here is what I don't know. What is labeled 3 (circled in white with blue outlines), could be wave 1 or wave 3. It could be the wave 1 beginning of a BIG 5 wave move if charts remain bullish.
OR
It could be the wave 3 of a BIG wave 5.
Unfortunately I am not skilled enough to determine if blue line 3 is actually wave 3 or the beginning of a new cycle wave 1.
For the start of this explanation, please ignore the thick blue lines that the number 1 circled, and 2 circled next to them (the circles are white with blue outlines). Why? Because I first analyzed the major uptrend.
It was hard to Elliot waves of this chart. The first 1-2-3-4-5 (in white) as well as the second are best guesses. The second set seems to be falling in line with a proper count at the time of this writing.
I then went back and drew my green 1-2-3-4-5 (next degree higher) lines. Please note that at the time of this writing, waves 4 and 5 are speculative and that is the basis of this post. I wanted to see if I could project out the progression of AMP.
The big purple boxes measures out the distance traveled of minor waves 1-2-3-4-5 (white lines). I then duplicated the box and set up against the next wave 1-2-3-4-5 series to get basically a 1 to 1 measured move (although the second set was a slightly larger move).
I did a fib retracement from points 1 and 5 from the second set of waves 1-2-3-4-5, marked by the green wave (3). I expect green wave 4 to retrace into the dark purple area (which is a .618 to .382 retracement area).
For the determination of green wave (5), I assumed a 1:1 measured move (thus the 3rd light purple box). I keep symmetry of angle as measured against green wave (3). Green wave (4) has a retracement range between the .618 to .382. If green wave (4) retraces to the .382, wave 5 should end at the bottom of the green box at the top of wave (5). If green wave (4) retraces to the .618, wave 5 should end at the top of the green box at the top of wave (5).
Ok now the hard part.
Here is what I don't know. What is labeled 3 (circled in white with blue outlines), could be wave 1 or wave 3. It could be the wave 1 beginning of a BIG 5 wave move if charts remain bullish.
OR
It could be the wave 3 of a BIG wave 5.
Unfortunately I am not skilled enough to determine if blue line 3 is actually wave 3 or the beginning of a new cycle wave 1.