21/02/2023
Today, the 1 minute chart (21-02-2023) is showing a corrective rise in the time frame of 1 minute. According to the Elliott Wave Principle, the market created a 3 wave simple rise named ABC, not a 5 wave impulse rise.
This indicates that the current rise which is as per a Corrective rise will not be sustained. Following this, ABC created a (W), which is a complex corrective rise. A (W) is always followed by an (X) and (Y). In this instance, the market has created the expected (X) & (Y).
Additionally, there is an ABC within (Y) wave in which the C ending took the form of an ENDING . Eventually, the market gave up and began to fall steeply.
W=Y, here's what happened price-wise and time-wise.
It took W 62 bars and Y 52 bars.
Within wave W, C = 1.618 times Wave A