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?
That's not a descending triangle, or what we would call an ending diagonal in EW. It is invalid for more than one reason, but as they tend to break out sharply and quickly I can assure you that by now the better explanation is still the original impulse count which is plausible and valid. Look at the chinese chats, its inconsistent with an ED.
We could still break up, but eyes on the prize, we are looking at the moment for this potential triangle to unfold in good form. Ive never used volume in EW but we recognise the character of volume in impulses.
yes, there is a large descending triangle that fits with the bottoms at around 236 from near the top at 300, I won't draw it as my chart skills need some work, but it's this shape:
http://www.investopedia.com/terms/d/descendingtriangle.asp
actually my memory was wrong anyways, and it is traditionally bearish
it's the descending wedge that normally breaks out upwards... as with EW having multiple counts, we can see multiple lines on charts as well 