I have had to adjust the labelling degrees in line with the main markets simply because my original ideas was a little too Bullish for the decline over the last 2 days, so now suspect this is still a 4th wave but of a larger degree
So what the heck does that mean???
In plain simple English to a non Elliottician trader pls
It Means that i was looking for a few more gyrations on up/down/up, but the decline is too deep really to go with that idea, although its not technically busted, it looks and feels like a larger 4th wave, so the idea of seeing higher is still OK atm, (unless puking under the wave [i] high) but not so aggressive as i 1st though based off the initial structure to the move from the 20th Jul lows
The same applies across the US markets, the initial idea was Bullish based on the gyrations, however the decline is a little too deep to maintain that aggressive Bullish stance, so looking higher as long as the market can find some support and rally in that 5th wave
If we loose the lows of yesterday in the US markets, there is not much wiggle room on the downside, so the Bulls really do need to get it together, or the market is going to switch back to "sell the rally" mode again
I ain't got no issues switching one again to the Bear side if needed
Upon any 5th wave high here, we can start to look to get short as well, and finding a potential high, if this lacks any powerful upside to suggest a far more aggressive stance on the market
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