$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:

ABB

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).

ABB


[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.

ABB


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