Just curious @Area51 because you come across as a bit of an...

Just curious @Area51 because you come across as a bit of an expert...
but isn't the the retracement meant to start at the highest point??
17c for the wick or 16c for the body of the candle/close?

Also where you've marked out the 5th wave on an 'Elliot Wave'.
Theoretically because price is still considered in a downtrend that the 5th wave could go lower, most of those TA indicators have crossed before and gave a fake buy signal.

You've also marked the downtrend as a 5 wave 'Elliot Wave', doesn't that mean you've labeled the downtrend as the dominate trend and thus after a short ABC (3wave) corrective move to the dominate trend the downtrend will continue?


I haven't really used Elliot Wave theory but that is my basic understanding of it.

Also do your fib retracments still line up with your 'Elliot Wave theory' if you draw them at the peak of the last move or it doesn't really matter where you start the fib retracement?

Correct me where I'm wrong as you are the clearly the TA expert here..