$ABB Possibly Entering Correction of Primary Degree

$ABB counts well as five waves up with the fifth wave showing some nice extension after the fourth wave expanding triangle. Here’s the zoomed out view:


Closer, we generally expect something like this: if this is a 2, as I suspect it may be, we should see five waves for intermediate A, followed by a three-wave relief rally, followed by a second five-wave decline taking us perhaps as low as the orange box beneath us. This would create a zig-zag (most common in twos), but there are many other options. At any rate, I believe we are still in the first five-wave structure for orange A. I will try to update the projected level for B once I think a low has formed (I’ve made an educated guess here for the moment).


[UPDATED]: We have rallied as expected to the target box. I will file this under “Successful Calls.” I will need to monitor the price action from here prior to making a new call.


Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.

Leave a Reply

Your email address will not be published.