All posts from TradingView
TradingView in TradingView,

Adding another pitchfork, to find the bottom

Adding another pitchfork, to find the bottom


Almost a year ago (see the link), I made a post saying that a long termtop was in place and a decline cutting prices in half should be expected. This decline is now well underway. From an Elliott Wave perspective we are in red wave iii of wave iii lower. Red wave iii has hit support at 177.40 where it will be 200% the length of red wave i. I would not be surprised to see a correction towards 184.65 soon. Once this minor correction is over more downside towards 165.73 is expected as the bottom of wave iii.

When prices moves below 170.85, a break below the original pitchfork support-line will be seen, but as I did towards the upside, I just clone the original pitchfork and aligne it below the original pitchfork to provid me with the next supports.

One final message, there isn't yet any divergences to be seen on the RSI, so all we should expect is only corrections in a downtrend.