An Elliot wave theory based analysis of OMXS30 in August- 2019
Last time I thought that we had started wave 3 in the 5 waves that should take us to the Super Cycle top 3.
But as I said then it all depended on whether the support at 1594 would hold. Unfortumatly it did not, and then we had to make a new count.
So instead we had to move the top of wave 1 and count the wave 2 as a 535 correction wave depicted as a ABC wave.
As you can see the fibbonaci retactment levels are almost ideal and I suspect that we will hit 1550-ish (i.e fib 61,8) in the begining of next week to complete the fifth wave in the 535 corection wave.
There is of course a risk that we will go even lower as the folowing is true for wave C according to elliot wave theory • Wave C = 61.8%, 100%, or 123.6% of wave A. and with all the worry with trade wars and Brexit I hold it as most likely.
However since there are no quarantees the fifth wave may be complete and we might start the 3 wave already in the begining of next week but I hold that as less likely.
As I said last time my analysis is heavily influenced by this guy: roasan-bullbear.blogspot.com/2019/07/ So for more background to my idea watch his videos.
Plkease comment if you have any imput so that I can improve.
But as I said then it all depended on whether the support at 1594 would hold. Unfortumatly it did not, and then we had to make a new count.
So instead we had to move the top of wave 1 and count the wave 2 as a 535 correction wave depicted as a ABC wave.
As you can see the fibbonaci retactment levels are almost ideal and I suspect that we will hit 1550-ish (i.e fib 61,8) in the begining of next week to complete the fifth wave in the 535 corection wave.
There is of course a risk that we will go even lower as the folowing is true for wave C according to elliot wave theory • Wave C = 61.8%, 100%, or 123.6% of wave A. and with all the worry with trade wars and Brexit I hold it as most likely.
However since there are no quarantees the fifth wave may be complete and we might start the 3 wave already in the begining of next week but I hold that as less likely.
As I said last time my analysis is heavily influenced by this guy: roasan-bullbear.blogspot.com/2019/07/ So for more background to my idea watch his videos.
Plkease comment if you have any imput so that I can improve.
Trade active:
Well there was no problem reaching fib 61,8 % of wave A today.
So lets see if we can make it 100 % tomorrow.
There is a risk that we might even reach 123% of wave A or even 161,8 which is still possible
without violating the rule that wave 2 must not retrace more than 100% of wave 1.
because Wave A was 82 points and wave B ended at 1627.
1627- (82*1,618) = 1495.
So lets see if we can make it 100 % tomorrow.
There is a risk that we might even reach 123% of wave A or even 161,8 which is still possible
without violating the rule that wave 2 must not retrace more than 100% of wave 1.
because Wave A was 82 points and wave B ended at 1627.
1627- (82*1,618) = 1495.
Trade active:
Well we did reach fib 78,6% in wave C.
I belive that this was as far as it will go and that we have reached bottom.
We have so far finsihed the two first of the 5 waves that should lead us to Super Cycle top 3 .
Now wave 3 is typically 161,8 % of wave A so that is the taget now....
provided that we have, as i belive, reached bottom 0today .
I belive that this was as far as it will go and that we have reached bottom.
We have so far finsihed the two first of the 5 waves that should lead us to Super Cycle top 3 .
Now wave 3 is typically 161,8 % of wave A so that is the taget now....
provided that we have, as i belive, reached bottom 0today .
Trade active:
Changed the labeling on the graph and and posted it as a new idea...
you'll find the link below in similar ideas.
you'll find the link below in similar ideas.
