MKI4EVA, thanks for the Elliott bible link.
All good. But TLS has busted all the rules. Extended past all Fib ratios, no longer a triangle ($3.54 Wave C bottom busted) and really pushing everything to extremes. Example, you don't normally see Wave 4 as it is now testing the top of Wave 1. As your link says, Wave 4 typically retraces less than 38.2% of Wave 3. We have gone beyond 0.382 which was $3.51.
The only thing it has going for it now is that it has managed to stay above $3.40 which it needs to make the current wave still be eligible for a Wave 4. So, hanging onto Wave 4 by a very thin margin, but hanging on as shown today. If $3.40 breaks, then the past 5 months loses its eligibility for Wave 4, in which case TLS's Wave 5 was a truncated Wave 5 (owing to Wave 3 being over run). And yes, from $2.71 (Wave 2 end) to $4.01 (Wave 3 end), we got $4.01/2.71=48% rise in 7 months. So, yes, sure was an over heated Wave 3. If was a truncated, then kiss waiting for a Wave 5 goodbye.
Nothing changed with my view, $3.40 holds, means a bounce is coming and we will go back up and Wave 5 starts. You could see buying support coming in today upon moving down to $3.42. So, it knows about the significance of $3.40.
Needs to get well away from $3.40 and fast, otherwise it has the gap down at $2.98 in sight.
I welcome your thoughts.
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