Walt Disney formed a big triangle since the top of 2015. The Elliott wave structure suggests that this consolidation is nearly over.
The triangle pattern in Elliott Wave theory has a specific definition. One of the requirement is that each leg from (A) to (E) should be composed of three legs. As shown in the chart, all of (A) ~ (E) have nice A-B-C structure.
Along with the count, there are a couple of supporting indications: (1) RSI double bullish divergence; (2) Donchian average support; and (3) bullish 5-period and 20-period %Rs (not shown here).
A triangle in Elliott Wave theory can occur only in the 2nd last stage of the higher degree structure, e.g., Wave B, and Wave 4. Given the long-term rally, the recent triangle is Wave ((4)) and the price is likely to go well above the previous high. The initial target would be the 2015 high, 122 area.
If the price falls below (C), 96.20, this wave count should be revised.
More charts can be found at www.white6intelligence.com
The triangle pattern in Elliott Wave theory has a specific definition. One of the requirement is that each leg from (A) to (E) should be composed of three legs. As shown in the chart, all of (A) ~ (E) have nice A-B-C structure.
Along with the count, there are a couple of supporting indications: (1) RSI double bullish divergence; (2) Donchian average support; and (3) bullish 5-period and 20-period %Rs (not shown here).
A triangle in Elliott Wave theory can occur only in the 2nd last stage of the higher degree structure, e.g., Wave B, and Wave 4. Given the long-term rally, the recent triangle is Wave ((4)) and the price is likely to go well above the previous high. The initial target would be the 2015 high, 122 area.
If the price falls below (C), 96.20, this wave count should be revised.
More charts can be found at www.white6intelligence.com