What Does a Fractal Look Like?
And What Does It Have to Do with the Stock Market?
By Elliott Wave International
Although Ralph N. Elliott came to his conclusions 50 years before the new science of fractals blossomed, he took a step that current observers of natural processes have yet to take. He explained not only that the progress of the market was fractal in nature but discovered and described the component patterns. Find out more about the stock market and fractals in this excerpt. Read more.
Yesterday GBPUSD invalidate my last count so the bulls are with some problems to keep this last wave C alive. For now I don't have time to made a decent EW's count update but at short time an emerging gartley bearish maybe is forming.
For the bull case this is just another abc and for the bearish case wave C finished and the downtrend will began.
Expecting some (at least) pulback until the close but this not happen. So I change my count , at short term, cause normally I like count this waves with gaps (cash), without any decent retracement and any negative divergence as waves iii.
At short term the bulls are in control and seems a double top is possible. If SPX made new highs the odds suggest SPX is doing an irregular abc and the shorts could be covered at wave C (alternative count).
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