Yesterday at a ADS Seminar Mr. Nour Eldeen Al Hammoury asked the crowd if the dax made an ABC move in an Elliott Wave context. The move was symmetric and could be termed a 1:1 symmetric move, but in an Elliott Wave context the answer is a simple NO as ABC's do not make new highs unless the B is part of another B within an expanded flat. This count is highly unlikely since the B wave is 8%+ now over the A wave on the larger wave count as demonstrated below.
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What is more likely is one of the below counts.
1. Final move has just ended.
Daily.
Weekly
Price has also hit the top of a trend channel so some sort of pullback would seem appropriate.
2. The ABC in question is actually a Wave 1 of an ending diagonal (wave 5) which consists of 5 overlapping ABC's shaped in a wedge,
This is the one i think is most likely.
What is more likely is one of the below counts.
1. Final move has just ended.
Daily.
Weekly
Price has also hit the top of a trend channel so some sort of pullback would seem appropriate.
2. The ABC in question is actually a Wave 1 of an ending diagonal (wave 5) which consists of 5 overlapping ABC's shaped in a wedge,
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