Big players at it again..., page-161

Its a fragile thing at the moment, everyone is on the fence - and it shows. Personally, I think this is just coming out of a bullish descending triangle wave which formed immediately after the A-B-C correction, to form the first wave in a new impulse. According to Elliot wave guidelines, a retrace should see the correction come to a stop in span of wave 4 of the preceding impulse, which it did - so I find some comfort in that. I would expect an upward movement, with a retrace (wave 2) and wave 3 on the back of news to push it along nicely. Bare in mind, I am a novice with Elliot wave principles so I can't say that I know for sure what I am looking at, it makes sense to me- but there is always risk of merely rationalising to fit the model, especially when you are in the midst of learning the subject ​