My latest iteration. Working hard on it, but as always take it with a large grain of salt.
There is little doubt that we have completed the first full motive wave off the bottom and are now moving to the corrective wave cycle. I tried to outline the best I could on the chart 5 possible options based on Elliott wave theory. What I did not layout (which is more likely to happen IMO) is a complex combination of double and triple 3's allowing the market to go sideways for a month or so. We would currently be experience the first of the set. This seems most likely to me due to the impending earning reports in July. Seems hard to believe the market would make a correction in the next week or two and go right back at full motive (bull mode) until we see some true numbers. This type of sideways would give the time needed for the market to move around and decide if the 2nd or 3rd corrective wave is bullish or bearish.
Hope it helps and happy trading.
There is little doubt that we have completed the first full motive wave off the bottom and are now moving to the corrective wave cycle. I tried to outline the best I could on the chart 5 possible options based on Elliott wave theory. What I did not layout (which is more likely to happen IMO) is a complex combination of double and triple 3's allowing the market to go sideways for a month or so. We would currently be experience the first of the set. This seems most likely to me due to the impending earning reports in July. Seems hard to believe the market would make a correction in the next week or two and go right back at full motive (bull mode) until we see some true numbers. This type of sideways would give the time needed for the market to move around and decide if the 2nd or 3rd corrective wave is bullish or bearish.
Hope it helps and happy trading.
