TEFPM Applied to ZB

Here is the four-hour chart in US 30-Yr T-Bonds with The Eight-Fold-Path Method for Counting an Impulse applied so you can see that it does not just work in equities. There are about 100 - 105 candles in this chart.

Neely indicates an impulse should not exactly parallel. This one doesn't. The first wave, (i) only makes it to the mid-line of the channel. Wave (v) makes it to a channel extension from waves (ii) & (iv) placed on wave (iii) as Elliott indicates. The Elliott Wave Oscillator (AO or EWO) comes back to & below the zero line for waves (ii) & (iv) - as is often the case. Notice that wave (iv) is much longer in time than wave (ii). In this case wave (v) did not diverge on the EWO, and so it might just indicate only a larger minute wave ⓘ, up, at this point. However, the EMA-34 did travel through every significant numbered wave to show good form and balance in the count.

On the far right, the EWO has come back below the zero line, and, with five small-degree waves down, the correction of the up wave is likely in force. One must be clear - we simply don't know how the correction will form. It could be a zigzag, multiple-zigzag, flat, or combination. And that is where trading certainly gets tricky. Remember, the correction simply can take as much time as the up wave or more if it wants.

Have an excellent start to the evening,

TraderJoe