districtOx (DNT) Elliott Wave Analysis Projects a Potential Trend Reversal
SUMMARY
DistrictOx (DNT/USD) has produced a rounded price pattern which still stands as a Cup & Handle given the subsequent ABC correction. This pattern doesn't get invalidated until the handle exceeds the lowest part of the Cup and that has not happened. The five wave impulse still stands as a potential wave 1 but the ABC correction will first have to be confirmed as having bottomed. That might take a couple days especially with a first round of impulse.
Detailed subwave counting shows a flat ABC which divides to a three as shown by the white abc. Wave C deivdes quite well into the required five and by the looks of it, the whole ABC could be completing, if not already. The small blue wedge pattern would have to be breached through an impulse move upwards. Let's see how the overnight price action carries out. The alternate is that price travel more sideways before changing the direction to up.
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Very nice post about Potential Trend Reversal.
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Good analysis
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