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My Elliott observation on the small section of Australian market chart is
that it would be rather unlikely the initial "down", and then the "up" could
be considered as A then B. It is far more common in my view to have some
"alternation" (some difference) between the waves. A should differ from B in
either price size, or time. The two wave depicted in the chart are almost
identical in both. Very rare.
It is possible the A wave is correct, and you are still in the process of
developing B.
It is difficult to judge these waves without more history, as wave develop in
a logical progression, and I don't have past data.
As to the length of a possible C, if and when it does develop, the length of
B should be of help when it has completed. A strong B implies C would
probably have a hard time retracing all of B, and a weak B sets up the
probability of a fibonacci variable of A to the downside. It could equal A
(1 is a fibonacci number), it could be 1.618, 2.618, or even 4.24 as happened
in 1987. The length of B is the key.
Peter
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