2016 NS rally can only be counted as a WXY I think without breaking any rules.
However, the momentum pattern is very clearly a motive wave with a failed 5th wave Ending Diag in Blue trendlines.
Either way, it's a sharp steep rally.
Sticking to the rules of Elliott though, after WXY I expect another WXY.
If that's the case, then we should see matching momentum lows in the Uptrend for this current leg, just as they occurred in the 2016 rally.
So my strategy here is to watch the Daily chart and every time it hits a Red or Yellow or Green momentum match level - Buy and hold with targets at 61 and 65 - which are the obvious trendline resistance levels that everyone else on the planet sees.
61 is a symmetry mirror projection from the wave x correction lows.
Near 61 and 65 I don't want to be long. I'll buy above 65 again if the chart says to do it, but I don't like the probabilities of more Bullish run at those levels.
Preferred EW rules count in colors, Alt (momentum signature based) count in Grey.
However, the momentum pattern is very clearly a motive wave with a failed 5th wave Ending Diag in Blue trendlines.
Either way, it's a sharp steep rally.
Sticking to the rules of Elliott though, after WXY I expect another WXY.
If that's the case, then we should see matching momentum lows in the Uptrend for this current leg, just as they occurred in the 2016 rally.
So my strategy here is to watch the Daily chart and every time it hits a Red or Yellow or Green momentum match level - Buy and hold with targets at 61 and 65 - which are the obvious trendline resistance levels that everyone else on the planet sees.
61 is a symmetry mirror projection from the wave x correction lows.
Near 61 and 65 I don't want to be long. I'll buy above 65 again if the chart says to do it, but I don't like the probabilities of more Bullish run at those levels.
Preferred EW rules count in colors, Alt (momentum signature based) count in Grey.
