Do you think the price gap around 1864 would be a target for a wave 2 correction on the hourly chart?
Hi John. It's too early to say because we can not conclude that upward movement of the hourly chart is over. Once we do make that conclusion, then a 61.8 - 78.6% retrace would be in order. Most stock chart packages will let you make that measurement.
Thanks for the update Joe!
Excellent work, Joe!Thanks a lot.
Excellent analysis Joe!!
In the first picture the 0-2 line is violated by wave 3, do you use Neowave rules?
Well, that's a good observation. Thanks for making it! I'm familiar with the Neowave rules, and you are right the loss of momentum makes one very cautious here. So I remain open and flexible. One thing I will say is that Elliott did not necessarily use the NeoWave rules, so let's see how this pans out, and put it in the records for future reference.