Hi All,
I was going thru EOD charts of CINEMAX and found some intresting patterns. I guess its a good setup for Elliot Wave.
Wave 1 has started from almost base of previous correction at sub 41 levels. Wave 2 has retraced to near perfect 38.2% level of 59 and Wave 3 of impulse has formed. If theory is to be followed, this counter should go up to 91 odd levels which is 161% of Wave 1.
As a disclosure, I am not sure if this setup is correct, but just I am trying to learn EW and apply principle to price patterns.
Is this setup correct?
I was going thru EOD charts of CINEMAX and found some intresting patterns. I guess its a good setup for Elliot Wave.
Wave 1 has started from almost base of previous correction at sub 41 levels. Wave 2 has retraced to near perfect 38.2% level of 59 and Wave 3 of impulse has formed. If theory is to be followed, this counter should go up to 91 odd levels which is 161% of Wave 1.
As a disclosure, I am not sure if this setup is correct, but just I am trying to learn EW and apply principle to price patterns.
Is this setup correct?