Thanks!
Well with todays run I'd say wave 3 is closer to 5c yeah, I'm sure some people will think it's a cop out for me to say this, but it was entirely possible that the minute 5th to finish minor 3rd wasn't complete as it should have manifested as a zigzag which I honestly just forgot (I'm just holding MGT, I don't need to be that accurate!)
I think it's a clear ending diagonal structure beginning 5th Feb, and you can mostly see the 3 internal waves of each wave with (iv) a little more complex.
It's still technically possible that wave 5 isn't complete at this very moment, we might be in wave 2 or 4 in wave C of 5 of minor 3rd. That's a confusing sentence so check the screenshot below. It's hard to tell with stocks with small price divisions like MGT has.
Quoting directly from EWP book (page 87);
Waves 1, 2, 3, 4 and 5 of an ending diagonal, and waves 2 and 4 of a leading diagonal always subdivide into zigzags.
Not sure what other kind of asset classes you analyse/trade, but I think that rule is less true for volatile markets like crypto and probably forex to an extent.
Really appreciate you asking me, I love talking about EW, my friends are sick of it
As for reading materials, unfortunately I don't believe there's a trick to getting good at EW analysis apart from practice. But you at least need to read the first of these two books. Elliott Wave Principle by Frost & Prechter which is the go-to for EW beginners, and Visual Guide to Elliott Wave Trading by Wayne Gorman and Jeffrey Kennedy which is basically actionable ways to trade EW setups. You can find PDFs online.
MGT share price, page-3402
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Last
29.0¢ |
Change
-0.015(4.92%) |
Mkt cap ! $28.54M |
Open | High | Low | Value | Volume |
30.5¢ | 31.0¢ | 29.0¢ | $142.7K | 473.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 15093 | 29.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
29.5¢ | 53860 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 16599 | 0.285 |
4 | 231640 | 0.280 |
1 | 3636 | 0.275 |
5 | 105925 | 0.270 |
5 | 144117 | 0.265 |
Price($) | Vol. | No. |
---|---|---|
0.295 | 53860 | 1 |
0.300 | 25125 | 2 |
0.310 | 49013 | 1 |
0.315 | 165114 | 4 |
0.320 | 8356 | 2 |
Last trade - 16.10pm 16/07/2024 (20 minute delay) ? |
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