Courtesy of Elliott Wave Dot Net
Triangles are overlapping five waves 3-3-3-3-3 formation as shown above. While going through some of the charts of US stocks, I noticed that most of them are forming triangles. The last leg, wave e is usually not so well behaved, it can fall short and it also can overshoot.
Bank of America's triangles moved in a parallel uptrend channel. This type of triangles does not fall into any category of Elliott. However, based on my past experience, this is a bullish formation. The run up is always very strong upon breaking the upper trendline. 
If most of the stocks (5 out of 7 of the stocks that I have been monitoring) are having this wave 1 and a triangles a-b-c-d-e wave 2 formation, does it mean Dow's Wave (I)-(II) option that I have mentioned is a more likely outcome, If that is the case, watch out for the train, make sure everybody is onboard.
If most of the stocks (5 out of 7 of the stocks that I have been monitoring) are having this wave 1 and a triangles a-b-c-d-e wave 2 formation, does it mean Dow's Wave (I)-(II) option that I have mentioned is a more likely outcome, If that is the case, watch out for the train, make sure everybody is onboard.
No comments:
Post a Comment