Thanks, that's super helpful for understanding what you guys are talking about. Graphs really do the talking!
Np!
Here is a nice chart by analyst DanV of a situation consistent with the interpretation on this thread. DanV tends to find the most detailed and valid outcomes to situations, while sometimes not the simplest. All of the EW analysts are calling for at least a medium term bottom here.
This situation would be easy to identify if it unfolds.
https://www.tradingview.com/v/7ssFMZmi/That chart is invalid before he even posted it. LOL
Y Absolutely, unequivocally MUST be
equal to, or longer than X unless Y is a triangle.
Not to mention X must be shorter than W which already invalidated this count as of $338 on the way down to $275.
Interesting stuff Ryan. what do you think is going on then? (if you dont mind telling =P) I would be interested on your opinion on truncated V complete.
This is your thread, so I'm not going to bore everyone with my charts.
I do not think V was truncated. Not yet anyway. II was a simple ABC correction, so IV will likely be complex (✔), long (✔) and sideways (looking that way). IV is also typically longer than II and will also be proportional to the time to complete III. Since III was quite a long wave (in both price and duration) IV will go for a month or better since the start. If it is a C we are looking at right now, expect another week or more before completion. If that triangle were to happen, December and quite possibly after New Year would be expected. IMO, This early part of C doesn't have impulsive properties except in the later stages of this rise, so as of right now, I do not believe the bottom is in, and that triangle scenario is quite valid in my mind.
Take a look at this count. We have retraced to acceptable Fibo levels and into the area of the 4th of a lesser degree (even though this isn't the widely agreed upon count, but it is still valid)
Now to address that "yet" part... As you said, since III was extended so far (2.618x wave-I), a truncated V is a definite possibility, but I won't speculate on that part yet. I want to first see what happens in this 4th.