medium · Elliott Wave Theory ewt-core
An analyst sees a 'Close-Below-Prior-Swing Test' fire when price closes below the low of the previous Wave 4.
What does this likely signify?
- A 'Leading Diagonal' is starting its third internal wave higher.
- The market has entered a 'Running Flat' correction pattern above the peak.
- The current Wave 5 is about to extend significantly higher beyond the prior high.
- The five-wave impulse is complete and a larger-degree correction has begun.
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