The JSE, ALSI (Swix) was always going to be the first to fail the bullish trend view. Now that the hard rule of wave 4 cannot enter wave 1 has been transgressed there is a requirement to find an alternative view. So what can we see?
The obvious choice would be that the 'B' wave of the correction has just completed (denoted (X)) and this is now the 'C'-wave of Primary wave [2]. The form of this correction is probably a double zigzag entering the second ABC or (Y) leg, making this the second wave (A) at present.
Double ZigZag...
Like all of the charts that I post, this pattern analysis employs the standard version of the Elliott Wave Theory and is intended only to demonstrate my own momentary view within my own application of that theory.
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