This one will probably let me down right at the end of the move but I have attempted to show how this 5th wave has taken on board many facets of Elliott Wave. The principle of alternation in the two corrections, the fib extensions and the otherwise clear nature of the count. I am expecting another, final leg up to complete the 5th wave and this text book example of wave theory so it will probably go wrong here by not doing what I expect it is going to do. The final wave here is a bit ambiguous and could have completed already. Time will tell, as ever.
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Nope. Wave 5 continued nicely as projected after a complex wave 4. Only question now is high will wave 5 go. A bit higher still I think.
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This has really busted through my wave 5 targets so, to me, either this is a wave 5 that is extending or I need to think about an alternative count. This may be a possible alternative:
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Wow. Really played out nicely for me if this really was a reversal signature to announce a top and end of a wave 5.
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Not calling a top here but you could look at like this....
Great post! There's strong Fibonacci evidence between what you have as Minor wave 1 and Minor wave 5.
Wave 5 is 1.618 the size of wave 1 which is a typical Fib relationship.
Wave 5 was very close to a bulls-eye hit of the FIB target and you always want to have leeway around Fib targets. Exact hits are rare.
You have also done a great job of illustrating the other Fib relationships in the structure.
I think there's a high probability that the five wave structure from September 2017 is complete and a bear phase has begun.
I will soon post a 15 minute chart of SSMI detailing Minor wave 5 of SSMI which provides additional evidence that a top could be in place.
Keep up the great work!
Mark
tomj2417
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@markrivest, Thanks Mark. Appreciate the kind words and further analysis. Looks like I missed a few pertinent points that you filled in, so thanks.
Great post! There's strong Fibonacci evidence between what you have as Minor wave 1 and Minor wave 5.
Wave 5 is 1.618 the size of wave 1 which is a typical Fib relationship.
Wave 5 was very close to a bulls-eye hit of the FIB target and you always want to have leeway around Fib targets. Exact hits are rare.
You have also done a great job of illustrating the other Fib relationships in the structure.
I think there's a high probability that the five wave structure from September 2017 is complete and a bear phase has begun.
I will soon post a 15 minute chart of SSMI detailing Minor wave 5 of SSMI which provides additional evidence that a top could be in place.
Keep up the great work!
Mark