Wednesday, April 16, 2014
Comp...corrective count
Elliot wave count on the downturn, Their are 13 hi/lo points,forming an wedge also.It's a Double Zig-Zag....abcXabc. On page 25 in the Elliott Wave Principal by Prechter and Frost it summarizes their are 1,3,13 or 55 touch points in an corrective wave form. Watch for a 5 wave formation to form with Fib projections of :
114.6%
123.6%
138.2%
161.8%
I personally like 114.6% because of the depth of the correction.
One could count 5 waves impulsive down with the points 7&8 as an Deep a/b wave. For that scenario I would suggest watching for an a-b-c move (upward) with divergence.
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