What price did today ...
Opening pop then a drop. Pop and drop, a common wall street move. 6.15 peak down 50 cents to 5.65 support step. The battle zone in this flag pattern, Elliott Wave 4 pattern, ( ABCDE pattern) has a center line around 5.90. Folks who read my analysis in the last week saw my description of this resistance target step. 5.90 is developing that magnetic target . 5.80 is also a key step. But the whole zone is something to watch. The bottom area, at 5.65 could hold, or it might not. I'd call it 50/50. It held today. It marks the current zone. And is also a key step to watch out for in the larger patterns.
On the resistance top side we see 6.00-6.15. The Elliott Wave pattern , in a Wave 4, is often ABCDE, then begins the Wave 5 Upward to the finished target. In this current upwave, from the 3.25 Bottom, I'm looking at the Fib math target around 6.50-6.80 area. That's a major target on the longer term chart.
I like to do a more full analysis of the Elliott Wave patterns. Basically, the current peak at 6.15, a double top so far, has pulled back and retested the top twice, the EW count is downwave ABC,so far. It anticipates one more up and down, to complete the wave 4 pattern, ABCDE, for this, you need to see the bottom zone continue holding around 5.65/5.60, not too much lower, stabilize there as a base for the next upwave EW 5 to begin.
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If we see a bigger plunge down tomorrow to the next support zone around 5.40, I'm not sure I'd call it a Wave 4 at that point. It might be a different downwave count, as part of a Larger pullback coming from a now Finished upwave at 6.15. It takes experience and finesse in watching Elliott Wave to recognize it efficiently, and I need the next few days to play out to show the pattern. At the moment, with 5.65 step holding, it looks like a Wave 4 , maybe setting up for Wave 5 rally to target 6.80 finish. But if resistance holds strong now, around 5.90, and selling takes the price down to 5.50 and lower, the whole Wave pattern could be changing at that moment. The change would be from an upwave bias to a larger pullback bias. Over a week's time, downwave pullback to retest 5.15/5.00/4.75 area. And then Elliott Wave pattern counts all the little subwave moves up and down until a discernable pattern is finished.
Right now, the current pattern is still developing and has potential to morph and change direction, changing the pattern. I'll notice it, if it happens. Tomorrow will show more clues.
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