The diagonal line I have drawn is the price level that is exact length of the A leg preceding this final C wave up. I have much conviction in the Elliott Wave Principle because of it's objectivity. This objectivity is still telling this analyst that a top is forming (formed) and the next LARGER wave down is coming.
I have stated that the break above the trend line resistance could very well have been a bull trap, wherein a stock or index breaks above resistance yet only to retreat back. It gives traders and investors a lot of hope in the market, so they buy in but only for the real down trend to continue.
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I'm not blowing smoke here; I truly believe in this analysis. There is NOTHING else like it out there, NOTHING!
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