Question for Elliott Wave wizards. Can we count 5 waves in GE like this?

L

lentus

upload_2019-8-17_12-30-8.png
 
Before you start asking others I would also be interested to hear what your analysis is so far, based on this chart. What kind of wave is this, and in what phase of the wave are we now?
 
Your count would be invalid because wave 4 can not retrace passed wave 1

MmG479Bp


This would be my count, Now I would never take a trade just based on EW. but it seems $5 range is on the table
 
I don't use Elliott wave.

As far as I know, those who use Elliott wave are mainly trading coaches and newbie traders.
I used it decades ago and as time goes by, I started to delete those useless indicators / waves ...
 
Times said:
Your count would be invalid because wave 4 can not retrace passed wave 1

MmG479Bp


This would be my count, Now I would never take a trade just based on EW. but it seems $5 range is on the table
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First relevant response. But hey I gotta take whatever noise/signal I can. Can't expect too much from a "retail community".

How does your count indicate $5? Isn't ABC corrective which means the next big trend should be up?
 
lentus said:
First relevant response. But hey I gotta take whatever noise/signal I can. Can't expect too much from a "retail community".

How does your count indicate $5? Isn't ABC corrective which means the next big trend should be up?
More...
basic%20corrective%20waves.png


There is different kinds of C waves, which is why I dont really rely only on EW.

It can be a truncated C wave in which case GE goes up. Or the more common "zig zag" correction in which case c wave dips below A wave in which case $5 is on the table
 
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