Bullish After 1-2 Months
Wave 1 (Impulse)
The initial upward movement started around 2009 and peaked around 2011. This represents Wave 1 of the Elliott Wave pattern.
Wave 2 (Correction)
The subsequent correction occurred between 2011 and 2013, where the price retraced but did not fall below the starting point of Wave 1.
Wave 3 (Impulse)
The next significant upward move from 2013 to around 2017 can be seen as Wave 3. This wave typically is the longest and most powerful in the Elliott Wave sequence.
Wave 4 (Correction)
A corrective wave followed from 2017 to around 2020, marking Wave 4. This correction did not enter the price territory of Wave 1, adhering to Elliott Wave rules.
Wave 5 (Impulse)
The price then made another move upwards from 2020 to the peak in 2021-2022, completing Wave 5. This wave is usually shorter than Wave 3.
A-B-C Correction
Post Wave 5, a corrective phase, marked as A-B-C, took place.
Wave A started around early 2022 and went downward.
Wave B was an upward correction in mid-2022.
Wave C is the downtrend completing the correction phase, seen around late 2022 to early 2023.
Subsequent Movements
The movements post the A-B-C correction phase seem to be consolidating and potentially setting up for the next cycle of Elliott Waves.
The initial upward movement started around 2009 and peaked around 2011. This represents Wave 1 of the Elliott Wave pattern.
Wave 2 (Correction)
The subsequent correction occurred between 2011 and 2013, where the price retraced but did not fall below the starting point of Wave 1.
Wave 3 (Impulse)
The next significant upward move from 2013 to around 2017 can be seen as Wave 3. This wave typically is the longest and most powerful in the Elliott Wave sequence.
Wave 4 (Correction)
A corrective wave followed from 2017 to around 2020, marking Wave 4. This correction did not enter the price territory of Wave 1, adhering to Elliott Wave rules.
Wave 5 (Impulse)
The price then made another move upwards from 2020 to the peak in 2021-2022, completing Wave 5. This wave is usually shorter than Wave 3.
A-B-C Correction
Post Wave 5, a corrective phase, marked as A-B-C, took place.
Wave A started around early 2022 and went downward.
Wave B was an upward correction in mid-2022.
Wave C is the downtrend completing the correction phase, seen around late 2022 to early 2023.
Subsequent Movements
The movements post the A-B-C correction phase seem to be consolidating and potentially setting up for the next cycle of Elliott Waves.
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