SUMMARY
This correction has been grueling for many. As I said, these types of corrections bring out the true colors of a person. It also teaches you much about yourself as a person and your limits. Discipline must be coupled with experiences like these downturns. The comments section of my blogs is well displaying the tendency of human nature to project one's guilt and blame another. Emotional maturity carries a person very far towards profitablity not only measured in currency but also in relationships and leadership by influence. The lack of emotional maturity results in loss in every ways.
The below chart shows three consecutive repeats of fractals. The Head & Shoulders pattern in the first green box is very visibile and a smaller on in the white box. The second green box repeats this fractal. The yellow box of current price move also shows the H&S pattern. I believe the bottom of this correction is near.
A closer look shows not only the H&S but the near competion of the final E wave. IF this is correct, the one more lower low as the prospective bottom is near. The E wave is expected to complete an abc (red) format. The final red c wave subdivides into five waves (white) and they are near completion. I believe the bottom of this correction could be in sight!
Elliott Waves can be applied to anything! Even to the MACD indicator. Below chart shows the five Elliott Waves of the downward decline of the MACD (blue waves). The final fifth wave is in progress and the level of MACD could reach -1,221. Wave 1 is the extended wave and in such conditions, the remaining waves 3,4,5 often equal 0.78 of wave 1 and that relationship is shown using the yellow vertical line. The bottom of this correction close.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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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