* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Base = Blue, Acceleration = Green, Deceleration = Red) and act as dynamic support/resistance.
* This chart postulates a wave 4 correction of the larger downtrend in play. Wave 4 is postulated as an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C advances 100%-161.8% of Wave A. The dotted line represents wave C direction from movement thus far,
*Price should not leave the deceleration channel (Red); doing so would imply acceleration which would invalidate the assumption of a Wave 4 correction and would support the assertion of a market bottom and of the structure as a wave 3 rather than a wave C.
* Zoom out to see the channel reference loci (circled).
* This chart postulates a wave 4 correction of the larger downtrend in play. Wave 4 is postulated as an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C advances 100%-161.8% of Wave A. The dotted line represents wave C direction from movement thus far,
*Price should not leave the deceleration channel (Red); doing so would imply acceleration which would invalidate the assumption of a Wave 4 correction and would support the assertion of a market bottom and of the structure as a wave 3 rather than a wave C.
* Zoom out to see the channel reference loci (circled).