$MongoDB (MDB.US)$ Looks like a Black Three Soldiers pattern...
You achieved the Black Three Soldiers formation 💦
In the short term, it seems to be moving in an upward channel. However, Elliot is currently in the middle of a short-term 4th wave and a medium-term 3rd wave 📈
On the left side, 12345 represents the medium-term 1st wave, and ABC correction represents the 2nd wave, leading to the current situation.
However, in this case, if the short-term 5th wave does not extend considerably, then the subsequent correction may break below the peak of the medium-term 1st wave at 300. In that case, the medium-term Elliott Wave would collapse 💦. So, to make the Elliott Wave chart valid, it seems necessary for the 5th wave to at least exceed the channel. It seems difficult, doesn't it? 💦
Well, there are often nonsensical zigzags within the channel in Elliott too, so it's quite common to see, haha.
By the way, there is another short-term Elliot pattern, as shown below ↓
This is natural and consistent... I'm starting to worry if there's confirmation bias creeping in even for myself 💦
In this case, the correction of the fourth wave is expected to be at the end of October to early November.
I'm looking forward to checking the answers together!
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