I believe a Long Momentum Wave is easily distinguishable here. Wave 1 traveled a span of $962. Wave 2's correction was somewhat flat while Wave 4 shows a much sharper correction, falling right in line with the Theory's guidelines. Wave 3 has been the longest by far, again satisfying the rules of the Theory. Elliot Wave
Theory suggests that Waves 1 and 5 will usually be very similar in size, leading me to believe that the forming Wave 5 has about $300 more growth left in it, since it has only traveled about $600 thus far. The 12 day moving average rising above the 50 day moving average (4:1 SMA
difference just like 50 Day SMA
vs 200 Day SMA
) provides us with a nice Golden Cross indicating long bullish
momentum which has been demonstrated by the upward 5 Wave pattern.