1. market will head down to finish larger green wave 2 - what i do not like about this one is that it put the end of wave B above the old ATH - if it goes like that, the entire move in May-June will be a huge flat, with wave A having 3 waves, wave B with 3 waves (only 2 waves done so far), and wave C with 5 waves (to follow).
2. It is possible that wave green 2 is done (entire May) and it started wave green 3 up, by doing so far waves blue ((i)), ((ii)) and (iii) in progress - this will explain the action from last week.
Now, the action last week is supporting more and more option #2. However, we reached a big inflection point and market will have to decide direction.
As seen in picture, regardless of #1 or #2, I expect the market to pull back next week at some point. Now, if the pullback over the first 3 days of pullback is shallow, the market chose option #2 and after 3 days of pullback or so it will head up again (see blue arrow). If the pullback over the first 3 days of the decline is deep and fast, market chose option #1 (see black arrow).
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
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