BEARISH CONTINUATION IDEA
Building on the ABC correction we look for a C wave of a diagonal 5th or WXYXZ, depending on how you decide to approach the over all structure. In the last chart I proposed a more bullish B wave connector idea. Here I cover a possibly complete B wave, with C already possibly underway. IF the market is strong we might look for an ending structure for a conservative C as noted in the sidelines at the 1.13 ext of the consolidation range. Alternatively, this can be the 1st wave of an extended C structure taking price significantly into the 10-12 k regions from here. I take some note of the PRZ of 2 confluent Shark harmonics at the 1.13, however the shark already played aggressively for the retrace at the 886, which makes me more biased to continuation.
PS: There are of course lots of ways things can play out. Ultimately I find it helpful to have a basket of ideas in hand so I am reacting with a nod of understanding to price action... even, by the way, if that is a completely imaginary understanding, there is use value to having a codified semi methodical way to lay out the possible movements in the market as "ideas". But clearly none of this stuff is predictive, least of all Elliot Wave, which is more so a way to express ideas and lay out schematics for possible price action . Personally the only thing I am 100% certain of, is that no one knows, and anyone who tells me otherwise is drinking their own cool aid as far as I am concerned. I lay out these concepts to keep track of and share with friends and peers, but I never make "calls". I am very clear that I have no idea what will happen and am merely laying out possible scenarios to watch for, and be mindful of. These ultimately help me to manage risk and decide where and I am interested in entering the market.
PS: There are of course lots of ways things can play out. Ultimately I find it helpful to have a basket of ideas in hand so I am reacting with a nod of understanding to price action... even, by the way, if that is a completely imaginary understanding, there is use value to having a codified semi methodical way to lay out the possible movements in the market as "ideas". But clearly none of this stuff is predictive, least of all Elliot Wave, which is more so a way to express ideas and lay out schematics for possible price action . Personally the only thing I am 100% certain of, is that no one knows, and anyone who tells me otherwise is drinking their own cool aid as far as I am concerned. I lay out these concepts to keep track of and share with friends and peers, but I never make "calls". I am very clear that I have no idea what will happen and am merely laying out possible scenarios to watch for, and be mindful of. These ultimately help me to manage risk and decide where and I am interested in entering the market.
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