The failure of wave C to unfold as a clear impulse (at the time being) gives us a strong clue that a triangle is unfolding here as triangles unfold in five wave of 3 and are corrective moves.
A triangle here changes the medium term count quite interestingly, as the decline towards 220 would become a terminal move, perhaps wave B of a larger flat, or something else, we shall see.
A triangle here changes the medium term count quite interestingly, as the decline towards 220 would become a terminal move, perhaps wave B of a larger flat, or something else, we shall see.
do you see a scenario where we break out upwards for a short/med term period? how would that fit into a count if at all?
as per lebings chart, there is also a large descending triangle with similar contact points which traditional TA says "normally" breaks out up.
this idea would fit with the depleting volume on this recent med term downtrend move, but EW doesn't care about volume right?