Based on elliot wave theory we can expect a trend reversal. As per my analysis we have just reached the end of the 4th Wave, because as per EWT rules:
1- "Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50% "- well 50% is slightly above current price
2- "Wave C is typically at least as large as wave A and often extends to 1.618 times wave A" - here again the rule has been satisfied, since it reached a level just above the 1.618 of the closed price on a weekly chart and below price of rule 1
3- "fourth waves are often frustrating because of their lack of progress in the larger trend", here again we can see if fulfilled the concept, full wave 4 already took longer time than wave 3, especially wave C.
I presume the trigger for reversal will be given this tuesday, 16/11, once retail sales are released.
Cheers
1- "Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50% "- well 50% is slightly above current price
2- "Wave C is typically at least as large as wave A and often extends to 1.618 times wave A" - here again the rule has been satisfied, since it reached a level just above the 1.618 of the closed price on a weekly chart and below price of rule 1
3- "fourth waves are often frustrating because of their lack of progress in the larger trend", here again we can see if fulfilled the concept, full wave 4 already took longer time than wave 3, especially wave C.
I presume the trigger for reversal will be given this tuesday, 16/11, once retail sales are released.
Cheers