Minor wave 4 could still be under construction, taking the form of a Horizontal Triangle. (see" Elliott Wave Principle" pages 48- 50)
Both Minute waves "a" and "b" have taken the form of Double Zigzags under the guideline for alternation we can expect Minute wave "c" to take the form of a Single Zigzag.
Minute wave "b" has no Fibonacci relationship with Minute wave "a", therefore if a Horizontal Triangle is forming there will be Fib relationships between adjacent waves. Wave "a" will be related to wave "c". Wave "b" will be related to wave "d".
Minute wave "a" = 78.70 x .618 = 48.60
78.70 x .50 = 39.40
Minute wave "b" = 2378.40 - 39.40 = 2339.00 this is the most likely place for a bottom because there is chart support in the 2340 to 2337 area.
2378.40 - 48.60 = 2329.80 is the less likely target.
Friday 4/7/17 is the best day for the bottom.
Mark
Both Minute waves "a" and "b" have taken the form of Double Zigzags under the guideline for alternation we can expect Minute wave "c" to take the form of a Single Zigzag.
Minute wave "b" has no Fibonacci relationship with Minute wave "a", therefore if a Horizontal Triangle is forming there will be Fib relationships between adjacent waves. Wave "a" will be related to wave "c". Wave "b" will be related to wave "d".
Minute wave "a" = 78.70 x .618 = 48.60
78.70 x .50 = 39.40
Minute wave "b" = 2378.40 - 39.40 = 2339.00 this is the most likely place for a bottom because there is chart support in the 2340 to 2337 area.
2378.40 - 48.60 = 2329.80 is the less likely target.
Friday 4/7/17 is the best day for the bottom.
Mark
