Disclaimer: My approach is very unorthodox as I am not a professional trader.
I think that the current bullish wave is following a very similar pattern that occurred 2 months ago, fitting to an Elliot Impulse Wave (12345). In this chart I have made 2 month long lines to show the similar periods of each trend. The vertical lines illustrate the highest it reached during the last two month period
Looking at the Elliot Wave prediction, it appears that this period may reach its high point (5) around the 6200-6800 zone.
I realize that it's unlikely to follow the same elliot wave exactly, but I found it surprising that exactly 2months ago on August 18th, the MACD, RSI and Elliot Waves are in complete harmony.
Please let me know your thoughts!
I think that the current bullish wave is following a very similar pattern that occurred 2 months ago, fitting to an Elliot Impulse Wave (12345). In this chart I have made 2 month long lines to show the similar periods of each trend. The vertical lines illustrate the highest it reached during the last two month period
Looking at the Elliot Wave prediction, it appears that this period may reach its high point (5) around the 6200-6800 zone.
I realize that it's unlikely to follow the same elliot wave exactly, but I found it surprising that exactly 2months ago on August 18th, the MACD, RSI and Elliot Waves are in complete harmony.
Please let me know your thoughts!
