The old question, “Is it the Tech’s or the Fundi’s?” You decide!
G/U Chart From 2009
Here's a chart I marked up 7 years ago as it was. A 1-2-3 reversal kicked off a series of Elliot Waves (in blue) 'Before' the global crash in 2008. The crash tho was the start of a W:3 decline that had it's own series of 5 waves (in white). Notice the fib studies that predicted the bottom when extended off W:1 of the 78.6 & 61.8 as they clustered at the same price level (all in blue rectangles).
Fast forward to today we see that W:4 ended up being a complex Elliot correction (W:2 & W:4 can be either a-b-c or complex) with it's own complex series between waves c & d in red (a form of fractals). It would now appear that a W:5 is under way as support has been broken on Brexit 'Several' years later as predicted. It's charts like these that will keep the question alive about technical or fundamental analysis building a chart.
G/U Next 2-3 Years?
With Brexit in it's infant stage and the Fed looking to raise rates could this be a possible scenario as it unfolds over the next few years and print a long term W:5 near parity? What will take price to the 'Possible' target zone, tech's or fundi's? What do you believe builds a chart & how will you trade it? BTW, I don't use Elliot in planning today, although I do see impulse & correction waves, but because I spent a lot of time trying to understand Elliot I thought I'd finish this one since I was going thru archives. Hope you find it interesting.