Elliott Wave Forecast
Peru General Index Intermediate Degree Daily Chart
There are two counts to the Peru Genera index. One has Intermediate (1) completing at the 21546.189 Feb 24 low. The other Peru General Index completing at the 21651.449 Feb 13 low. The count below is the former.
I have changed the Elliott Wave labeling on the Peruvian General Index for two reasons. One, the move up from the Feb 24 low is in five waves and not three which is needed for the expanding flat off of Intermediate (1). And the second is price failing Thursday after pushing above both the Feb 13 and 24 lows on Tuesday. This makes the intermediate (1) at the Feb 24 low unlikely. Price would have needed to keep moving up on Tuesday for the expanding flat off of the Feb low to develop. Now price could still move up from current levels; however, it would most likely be Minor 2 moving up to complete near the Intermediate Degree Upper Channel Trend Line.
There are other reasons why I like this count. The price time symmetry is nice. One is that Minor Degree 2 sports a sharp zigzag correction which retraced most of Minor 1. Also, a running flat formed for Minor 4 giving way to a deep Minor 5 to finish off Intermediate (1) at the Feb 13 low. Then the ensuing Minor Degree correction took the form of perfect expanding flat with retraced to the 38.2% Intermediate 2v1. From there price dropped in fives wave cutting out what is most likely Minor 1 of an impulse for Intermediate (3) All this took place inside good Fibonacci time price zones.
Peru General Index Minor Degree 15-Minute Bar
Peru General Index 15-Minute Bar: The Elliott Wave Structure for Minor 1-2 counts complete at the 21708.020 March 23 high. Minor Degree 1 took the form of a nice Minute impulse with the deep Minute 5 internals all there. Minor 2 took the form of a Minute Double Zigzag. The ensuing drop in what should be Minute one is so far very impulse looking although yet complete.
Please follow and like us:
