SUMMARY

If we stay with the impulse count as shown below where circled white wave 4 is complete and circled white wave 5 is in progress; then it would probably look like the below chart. The blue waves show the subwaves of wave (3). This means that blue wave 3 needs to put in a higher high without wasting any time. That higher high would be above $9,750 or so.

The alternate count is still that upward pointing wedge which is labeled as abcde. The last wave e needs to be placed; so expect a bounce towards $9,700. IF there is a higher high; then probable pathway leans towards the impulse scenario. IF there is a lower high; then the ABC red looks likely. To these, I would give a 50:50 outlook as both being equal in probability. The only thing I don't like about the ABC scenario is the time proportion compared to the prior waves. It would make sense if circled wave 3 was actually a circled wave 5; but that's another scenario I won't discuss here.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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