When the C wave has just started its fifth minor wave down, it sets up a buying point.
The minor wave 5 within the fifth wave was an extended wave, i.e it has traveled a distance longer than what is normal for such a wave.
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Elliott Wave analysis suggests that not only will the correction be sharp, but it will go deep and can potentially reach the minor wave ii within the fifth wave.
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Our next step will be to figure out these minor waves, and once we are comfortable that the fifth minor wave is underway, we should exit most long positions and prepare for the inevitable sharp correction.
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The chart shows that Wave C is probably in the middle of a minor third wave. which means we should get a small dip as wave 4 followed by another rally as wave 5.
The 38.2% retracement seems to coincide with one possible end-point for the minor fifth wave.
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First, that Wave C is once again related to Wave A, and secondly, there are five minor waves making up Wave C.
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Waves 2 and 4 are the two minor corrections in the five-wave move higher.
He has been right to resist, with minor exceptions, calls for a wave of protectionism.
So the extended fifth wave will also have its own five minor waves.
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Wave B itself is made up of 3 minor waves, (a), (b) and (c).
This relatively minor shift, the model found, still produces enough energy to initiate a wave-like pulse of crystal-shattering snow separation that quickly propagates uphill and leads to a major release of the upper layer.
As for the rising wave of laws and regulations designed to combat meanness among students, they are likely to lump together minor slights with major offenses.
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