לונג

IWM - Looking for a break higher of this consolidation

מעודכן

Finished a Triangle wave 4 it seems, we can therefore expect this to continue higher as long as wave E low isn't breached.

הערה

A small precision here, I'm unsure about the red wave 1 count.
The degree of the triangle wave 4 changes therefore depending on what the correct count is.

הערה

I haven't updated this post it seems like I did on my Tgram channel...
Anyhow, I went long this one but got out very quickly for a tiny loss when I saw the consolidation could last a bit longer.

Right now, it seems we might have finished the triangle but only a move above orange wave b and then blue wave (d) can take this higher. Careful though as it's then a higher degree wave 5 and therefore upside potential is limited. Recommending selling into strength in that case.

But if price is to go below blue wave (e) and (c) we have to consider the alternate count that the red count is already over and we've started a move lower.

ElliottWaveBelgium

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