Morning/Afternoon/Evening Traders,
In this video we take a look at two scenarios. Both elliot waves are considered correct, although i know one looks a little funky I can assure you i pulled all the right measurements to ensure its a possible play.
Either we have completed 5 waves and we are now in an attempt to form Wave C and break our uptrending channel that we've spent awhile creating OR we have one last wave to 10800, at which point we'll see a correction to either 9200 (.382 fib) or 8700 (.5 fib) from the 10800 top.
If we complete the possible ABC we are in now we will see 8700 (double bottom and .618 extension of wave A) or we'll see 8300 (1:1 extension of wave A ) More confluence for the first scenario.
Its always important to remember your overall projections, mine is an attempt to 11600. So even if we see a fall to 8300, I believe we will ultimately start another elliot wave cycle up in order to attempt 11600.
Hope this helps you all with your decisions in trading. As always, its not financial advice and you should always educate and do your own TA.
Here's the video!!!