ICONOMI (ICN) is expected to bottom on this correction. It's amusing how ICN is the same airport code for Incheon Airport in Seoul. ICN had broken out of the symmetrical triangle that also counted well as an abc correction. The breakout was impulsive as shown by the blue waves. Elliott Waves states that after five waves, there is a a requisite retracement, often in the form of abc waves.
A closer examination shows that the corrective waves are actually an expanded flat. Expanded Flat corrections has the B wave reaching far higher than the start of A wave and the C wave declines below the A wave. Subwave counting is crucial to be able to determine and project with good probability. The tail end of wave C could be as the yellow subwaves show.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
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Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Essay: Is Technical Analysis a Quantum Event?
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