As markets seem to get even crazier than usual, I thought to get a look at Elliott’s recipes to warm my remaining confidence.
Much interested in the weekly view, here is the chart for today.
The chart seems to confirm what r.Virgeel is signalling since the top: this is a correction of the major (3) born in April 2020. Also, it pointed to the 4000 area as a target for a while and we are there.
The (4) underway seems incomplete, but mature enough to trigger our attention.
For as brutal as it may have been perceived, the correction is a mild (4) formation, usually completed with a final third low that we may expect a few bars ahead.
As a present today, I share this interesting cycle chart by D. Benner in 1875.