AdEx (ADX): Extended 5th!!

SUMMARY

The impulse run up (blue) for AdEx (ADX/USD) was a bit too eagerly done. The blue wave 5 is quite extended!! What does this mean? It means that the requisite retracement is likely to be very deep; towards the 0.88 Fib zone. It could retrace 88% of the prior five wave run up!! Even then, the price action fits into the Cup & Handle pattern. The below chart shows that the handle is still in progress and the C of the ABC sequence is likely to consist of the blue wxyxz subwaves.

Still, on the bigger picture perspective, little would have changed. Even with the potential 0.88 Fib retracement, the whole pattern jives well. The impulse sequence is still valid. The MACD has not yet broken out to support a price sruge and that should change not too long from now.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
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