How to Eliminate elliot corrective patterns through Neo wave
I can only come up with this following count,in order to come up with a logical count,i kept on taking more data in order to make some sense with my labeling.
Reason for considering current rise a part of Bow-Tie Diametric Pattern are as follows
Starting point was taken on the basis of faster retracement of prior swing high ,since then price has not shown any sign of an impulse as theres so much of overlapping seen in price along with corrective internal structure in each swing.
As far as corrective pattern is concerned only WXY and Diametric pattern has 7 leg,but if we connect trenline of tops with tops and bottom with bottom in white degree then the pattern takes shape of an bow-tie diametric where higher degree A terminates,movement following is also corrective and not impulsive hence collectively on higher degree(marking done in red)is also forming some kind of corrective pattern.
Till now we have already seen 4 swing and currently we are in 5th swing meaning we can count out Flat and Zigzag leaving us with triangle and diametric and complex wxy/xz.With regards to triangles either they are contracting or expanding in 5 leg's but over here we have seen both the phenomenon occuring by the time we are in 5th leg meaning we can even eliminate triangle pattern leaving us with only 2 pattern either a Diametric or an WXY/XZ complex correction.
From this we can conclude that on going rise will have 7 corrective leg's of which 4 are done and currently 5th is going on,as we have already seen contraction and expansion my primary assumption is of Bow-Tie Diametric even on Red degree and have used rule of equality for finding termination point of 5th,6th and 7th leg.
PS:Correct me if i have missed anything because by now i am already brain dead after analyzing this chart
Reason for considering current rise a part of Bow-Tie Diametric Pattern are as follows
Starting point was taken on the basis of faster retracement of prior swing high ,since then price has not shown any sign of an impulse as theres so much of overlapping seen in price along with corrective internal structure in each swing.
As far as corrective pattern is concerned only WXY and Diametric pattern has 7 leg,but if we connect trenline of tops with tops and bottom with bottom in white degree then the pattern takes shape of an bow-tie diametric where higher degree A terminates,movement following is also corrective and not impulsive hence collectively on higher degree(marking done in red)is also forming some kind of corrective pattern.
Till now we have already seen 4 swing and currently we are in 5th swing meaning we can count out Flat and Zigzag leaving us with triangle and diametric and complex wxy/xz.With regards to triangles either they are contracting or expanding in 5 leg's but over here we have seen both the phenomenon occuring by the time we are in 5th leg meaning we can even eliminate triangle pattern leaving us with only 2 pattern either a Diametric or an WXY/XZ complex correction.
From this we can conclude that on going rise will have 7 corrective leg's of which 4 are done and currently 5th is going on,as we have already seen contraction and expansion my primary assumption is of Bow-Tie Diametric even on Red degree and have used rule of equality for finding termination point of 5th,6th and 7th leg.
PS:Correct me if i have missed anything because by now i am already brain dead after analyzing this chart
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