What Does The Elliott Wave Theory Tell Us About Market Direction?
In early January, we put subscribers on high alert to a possible high and the start of a multi-month decline. Based on every single labeling we could find of the big 10-month advance off March’s lows, it became clear that the advance was in a very terminal stage with an important high pending. Since then, price has reversed violently lower, taking out support and key levels in the process. This weakness only adds to the setup for continued downside pressure, since again, there is no good way to label the 10-month advance in a way that allows it to continue. Instead, from a larger degree perspective, recent weakness fits as the start of a larger down move that will ultimately correct the 10-month advance before it’s done. While there is a heavy debate on the topic among Elliotticians, we are confident that the current decline will only correct the recent 10-month advance. Others believe that the current decline is the start of an even bigger down move, one that will retrace the entire 1
Related Questions
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