SUMMARY
NOTE: Lots for details in the video analysis!
Overnight price action has bounced off the lower triangle line which is serving as support. Price has bounced off this support twice already and overnight was third. If the a,b,c,d,e triangle pattern is playing out as shown below, then waves a,b and now c could be complete. That means price should recover to complete wave d and e. The daily MACD is near the zero level and it hasn't decreased decisively below it for as long as I can see in this chart. So, from preponderance of evidence of historical levels, current MACD could equate to near oversold conditions. Unless we have a crash scenario, the MACD would have a challenge to decisively decline below the zero level.
Another alternate count is shown below as a bear flag type and also labeled as a,b,c,d,e. Once a recovery for e completes, then a decline would occur to a lower low. This is still more of the a,b,c decline alternate.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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