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Further to this, if I'm correct above, CXO may be finished W5 on...

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Captain Kiethy

473 Posts.

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16/05/23

11:49

Post #: 67796651
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Originally posted by Captain Kiethy: ↑

Hi @W3hunter, a couple of awful people over there on that MAY thread.

I wondered if I could pick your brain a little on this GLN chart. The chart will probably answer the question for me soon anyway, but your input is always highly valued.

On the 10-minute chart here, I have two potential wave sequences drawn. You can see the price on the orange W3 had a higher wick but a lower closing price than the high of the orange W5, would this count as a divergence and therefore the end of the sequence or does the price need to travel higher, not just close higher, to be considered a divergence?

I ask this because Elliot wave theory was based on a line chart where these wicks are not counted. So technically that would make sense.

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Further to this, if I'm correct above, CXO may be finished W5 on the hourly and due for a correction which could be W2 on the daily, as it has just tested a 62% fib there.

Last edited by Captain Kiethy: 16/05/23
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