Three potential Elliott Wave counts, also reflected on earlier Daily idea. Neutral for new positions. Hold for positions entered below 14.00. Support areas outlined with yellow and red correspond to the bullish yellow count and bearish red count.
Negative MACD divergence was a warning prior to today's 3-wave pull-back which may have resolved with completion of green (iv), or possibly wave (a) of (iv). Wave (a) of yellow ii is also a reasonable interpretation.
Green box above represents profit-taking target, or hedge regions, in anticipation of a future retrace.
Negative MACD divergence was a warning prior to today's 3-wave pull-back which may have resolved with completion of green (iv), or possibly wave (a) of (iv). Wave (a) of yellow ii is also a reasonable interpretation.
Green box above represents profit-taking target, or hedge regions, in anticipation of a future retrace.
Comment:
Green count playing out, possibly nearing completion. Wave ii pull-back would be a strong buy between 15.60-17.60 with a stop under wave (ii) low (14 region).
