$4,800 - $5,200? (His prediction made on 2/11/2018). Either way, he’s profiting from the movements but as he said, it puts things in perspective and help you get your emotion out of the way (by having a plan that this low can happen).
Elliot Wave rules (reminders)
Wave 3 is often the longest, but never the shortest
Wave 4 does not retrace to the wave 1 territory (support level)
Zig Zag - the ABC corrective waves, has a 5-3-5 structure
Flats - ABC corrective waves with 3-3-5 structure (Philakone called this a 3-3-5 Zig Zag)
After the ABC corrective waves, we should be back in the wave 1 of a 5 wave structure. But quite often, wave 1 fails. When that happens, we have another set of ABC corrective waves, which when combined with the first set of ABC corrective waves plus the failed wave 1, forms the WXY pattern (Double Zig Zag EW combo).
What happens if after the WXY pattern, wave 1 fails again? We get another set of ABC corrective waves. This becomes the WXYXZ pattern (Triple Zig Zag EW combo).
Bearish Elliott Waves (Yay!)
Changing the degree in TradingView
If wave 2 corrects more than 100% of wave 1, then we have a EW failure, and the whole structure is invalidated. It might be part of another wave 1.
Recommended “The Chart Guys”
Wave C always have 5 zig zags.
Links: https://elliottwave-forecast.com/elliott-wave-theory/
http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:identifying_elliott_wave_patterns
http://www.lifestyletrading101.com/elliott-wave-truncated-5th-wave/
