The creation of the Elliott count is a process. In my preceding post I mentioned that we “may” have hit a fifth wave target. Note that the chart does not yet contain a blue label for wave v”; this is because I don’t have enough information to say it is complete with a high degree of certainty.
One driver of the wave count is the formation of what I call “Price Reaction Points (PRPs)”. The Level One PRPs are shown on the chart as red dots. A preliminary condition for deciding that wave v” is complete is for the low at 666.79 to become a PRP, which hasn’t happened yet.
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