Looking at D1, we see that the adjustment process has reached the end of the period
- Unlike impulse waves, corrective waves take a long time and often have complex patterns that are difficult to predict.
- Looking at the current model, I am leaning towards the complex triangle correction model with ABCDE structure in Elliot
- The beauty of Elliot is that there are price levels that confirm whether we are moving in the right direction.
- We have 2 prices that confirm our wave counting
+ If the price level 2284.37 is broken below then our current assumption is no longer correct then our previous assumption that the ABC correction model I mentioned last week will apply
+ If the price level of 2365.7 is broken, the triangle correction model we are predicting will be confirmed.
- So our plan is to wait for the price to break out of the 2365.7 price range and test again to enter a Buy order.
- If the Breakout price drops below 2284.37, then we wait to test again and enter a Sell order. If that happens, I will update.
