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I would like to get the opinions from the Elliot Wave practioners in
this forum regarding my wave count on the Australian Share Price Index
futures.
I believe we are in wave C of a flat correction(green labels) and
we have just completed wave 4(purple labels) which is a running
flat as of August 21st. A Japanese candlestick Shooting Star formed
today on an important change in trend(CIT) date. I am not giving the
usual +/- 1 day for a CIT because I managed to tuned it down to the
exact day in this instance.
By not taking out the high of 2665(the most recent top just before the
DOW dropped 247 points) today I changed my elliot wave count from
a completed flat correction(green labels) with a possible X wave up
to the present one.
Is it possible for a running flat to occur in wave C(green label) which
is
a corrective wave? If so does running flat usually indicate
an extension in the market because in this context it indicates a very
weak market?
Any comments would be appreciated.
cheers,
Clement Ong
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