Gail Elliott Wave Analysis, Expanding diagonal, Irregular flat

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 Gail daily chart


As shown in the daily chart, the rising trend line which was acting as a support is now broken, thus opening negative possibilities. However, there is no discontinuation of the positive formation which only price can give over a time.

From waves perspective, prices have move up in a corrective pattern (a-b-c) where wave c ended up in expanding diagonal pattern, followed by wave b at one larger degree where it is suppose to complete in irregular pattern. Wave b of wave b has surpassed wave a which opens irregular flat pattern. Now wave c of wave b is pending which can test the lows of wave a of wave b.

The summation is, prices are suppose to plunge till 130-132 levels with the resistance at 157 levels (closing basis).

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