I knew that this was a Wave 2 correction, but finding out exactly what type it is is the hard part. That's what I admit I struggled with, trying to find a real wave 3. I called all the bounces drops and rallies, but could never see that the Wave 3 was still weeks away. If you're short term, my calls are dead on accurate,
But what I do remember is the move from 2057 to 2328 being only 3 waves, thus making this correction an expanded flat.
That 3 wave move up confused me for months, until I read the Elliott WAve Principle book more carefully, and the discovery of the expanded flat was a literal breakthrough.
Those 2 bounces the past month or two sure looked like Wave 3's but what I thought was going on was a zigzag, when it was actually a expanded flat.
I'm looking for NASDAQ to rally 50-60 points on Monday, than tank huge on Tuesday, but that large drop would be met with massive buying, and start wave 3.
Now that I know what's going on, I'm staying bullish.
All of you sheep, go ahead and flock to the bearish side, that's fine.
If you're gonna go all contrarion on a simple word like "believe", that's fine.
The Elliott Wave is NOT wrong.
Keep in mind that I'm probably the only bull on the entire web site, and I'm gonna stay that way.
If that doesn't make a guru, and take guts of steel, I don't know what does.
The identification of the expanded flat was a breakthrough, not a change in bullish stance.
You see, with the expanded flat's Wave B being 2057 to 2328, that represented extreme overbought conditions. 2328 should have never happened, but that's still a bullish sign for the expanded flat. |
