Ewj: elliott wave

What do you guys think about the 5 waves down this morning? Could they have been wave 1 of 5 to put in a new low?

Could wave 2 be a triangle? That would fit with the idea that the bottom produces a sharp wave 4 (lots of short covering, V type bottm).
 

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Careful on triangles and which waves they can form in...eric :)

The 1:1 at 766.75 area will give the trafic light on which pattern is in play...

Above the 1;1 the a new high above yesterdays is on as part of a larger (c) wave...

If it has trouble around its 1:1 the odds swing back to a corrective wave for a run back lower...

Delta hints at a new high , but today is one of those pesky inversion days so its not as clear as it could be...
 
The two counts as waffled on about in the last post :eek: :)

Alt count is in blue..... 5min ES.... As most will have 5 waves down & not the more outside the box elongated exp flat b...:eek:
 

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Hmm seems like there are all lot of 5min Opening range systems out there...:eek:

Looks like the OR longs bailed at break even..... The question now is after that supply is now removed do we float higher if the ALt (-12.75 )holds ...
 
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