Hi Nouf, Interesting use of the log scale for Elliot Wave. I...

Hi Nouf, Interesting use of the log scale for Elliot Wave. I haven’t seen that before. Makes some sense although doesn’t allow you to measure retracement/projection levels, but it does make the historical patterns clearer. I’ll look into that a bit further.

Nevertheless my Elliot assessment gives a different wave structure to yours. My larger scale 1-2-3-4-5 is equivalent to your [1], [2], 5, A, B.

I also consider we are currently in subWave 4 of a larger Wave C. I’ve been in two minds as to whether this subwave 4 has completed, but I’m leaning towards another few weeks up (shows as an a-b-c on the weekly). before the final leg down.

Put more simply, I’m thinking we’ll head up towards your subwave marked [4] now for a little while, and skipping your subwave 5 [3] leg, before a final leg down to complete Wave C pretty much at the same level where your [5] C finish is.

So the end result is similar, just the next few weeks I’m expecting to be up, before ending in the same place. This also aligns with Kray’s comments on debt ceiling talks and maybe a little run in the gold price.

My bias has been to short this stock and I'm not interested in chasing a short-term long trade at this point, so I think best for me is to wait on the sidelines and let this next phase play out.

Anyway, interesting to see a contrasting view. Thanks.