SUMMARY
I believe there could be a B wave bounce buying opportunity. The below chart shows that five impulse waves were established and now the initial downdraft of the correction has occurred. However, given how oversold the MACD is, a buying opportunity could be attractive.
What do the Elliott Waves show? The initial downdraft was a five wave sequence; so, likely the correction will be a ZigZag (5,3,5) type. The terminal end of red A shows that it's likely complete and the B has rise has started. Terminal ends of a very large A wave are also good buying points so as to ride the multi month to year B wave up.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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