Elliott Wave theory and Technical Analysis

Why is the price target 🎯 located on the long-term trend line? The landing target of the head and shoulder pattern is clearly positioned in that area: note the green arrows. While the Elliottian model tells us that after a five-wave impulse, we should expect a correction in 3, 7, or 11 swings and so on. The target of the 3rd swing is well-defined: the blue box is positioned on the Fibonacci ratio 123.6-1.618 and it's the equal leg of the first corrective swing. The confluence of the two models leaves no doubt about this. Have a good time everyone.

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