Elliott Wave Analysis | Liftoff in progress? (taking a closer look)
I'd like to thank everyone for their feedback from my previous post. I am always open to ways I can improve myself so feel free to share your thoughts (and TA jokes). In my previous post I showed the bigger picture of what is to come, but here I will focus on the smaller movements.
Here we have a plausible wave count that shows signs of a possible completion of the larger degree correction, and sub-waves 1 and 2 of a larger degree impulse wave. The sub-waves consist of an impulse wave and a horizontal correction (triangle pattern).
We are currently inside an impulse wave, shown in the light gray, where the wave count is not confirmed yet. There will be a correction wave coming up once the impulse wave is complete, but as long as it doesn't retrace more than 100% of wave 1 (which is around 822 levels), then the wave count will remain valid as well as the uptrend. In the case that the upcoming correction does drop below this level, then a Elliott Double Combo wave (WXY) might form to retry the impulse wave, or the more severe case, cause the continuation of a larger degree downtrend.
Previous post: https://www.reddit.com/r/ethtrader/comments/7xf8az/
Previous graph: https://i.imgur.com/FA4QloD.png