Hi John
My apologies for not responding sooner.
The longer term chart you've provided does add greater clarity to the price pattern, and my responses below are based on the RSI setting you have (what is the time element?) and solely on Elliott methodology:
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kindly...is it an Expanding triangle ??
Based on the total pattern structure from 1994, it's more than likely a "Reverse Symmetrical". The difference between this and the "Expanding Triangle" is that the "expanding" occurs in impulsive moves, and the "reverse" occurs in corrective moves.
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what is the corrective Pattern ??
I've marked your intermediate term chart below with what I would label the preferred count based both on the volume pattern and the RSI. It should be noted that under the reverse symmetrical triangle, you could see price move to just above the area labeled 2? before finally moving lower in wave 3 of (C).
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and how long it takes to complete the red wave four ???
The usual and customary time it takes for wave {4}of an impulsive wave sequence to take is .382 times the time it took wave 2 to complete. Based on the longer term chart given, wave {2} lasted about 4 years, so wave {4} should minimally last about 15 months - which should put it somewhere around the second quarter of 2007.
Also keep in mind that if the longer term count is the correct one, this same 4th wave should find its ultimate price support around the early 2004 lows, and I would give precedence to this price objective over the time it takes to get there.
It should be interesting to see how this all works out given the current market conditions this past week. And yes, any move above wave (B) suggests that something else is going on and would be up for review.
Fib
