Price action continues to unfold as predicted. Elliott wave interpretation indicates we’re working lower in wave C to complete an intermediate term correction. Still favoring the .008-.009 range shown at the blue and orange lines, respectively. These represent the 61.8% retracement level corresponding with the top of the wave 2 triangle (blue line), and structural support at the accumulation zone of the wave 2 triangle. The green line represents the downward projection of wave A (assuming wave C is of similar length).
A few people thought I was nuts when I gave a correction target of .008-.009 at the end of August. This is short-term bearish, but long-term still bullish. Keep in mind the degree of correction. Ie. what, exactly are we correcting? In this case, we are correcting the entire advance from mid-March through Mid-August – a price increase of over 1000%. The entire 1-2-3-4-5 structure completes a larger wave 1. The entire A-B-C decline now playing out will either complete, or be part of a larger wave 2. Once it’s done, we look toward wave 3, which should be even larger and more dynamic than this first wave once it picks up steam.
Here’s the more classical head and shoulders labeling we looked at a few days ago, with downward projection from the head and shoulders pattern at .0089. VET is still on the same trajectory.
