Last week movement below 20.512 invalidated the main wave count and confirmed the alternate. At that stage the analysis for the alternate wave count expected a continuation of downwards movement.
I have just the one wave count for you this week.
Click on the charts below to enlarge.
Minor wave B is an incomplete zigzag.
Within minor wave B minute wave a subdivides nicely as a leading expanding diagonal. Within the leading diagonal all the subwaves are zigzags except the third wave which is an impulse. For this piece of movement this structure has the best fit.
Minute wave b is labeled as an expanded flat correction. Within it minuette waves (a) and (b) both subdivide as three wave zigzags, and minuette wave (b) is a 106% correction of minuette wave (a). There is no Fibonacci ratio between minuette waves (a) and (c).
Minute wave c is an incomplete impulse. At 18.591 minute wave c would reach equality in length with minute wave a. Within minute wave c minuette wave (iv) is now complete so I can add to the target calculation at another wave degree. At 18.323 minuette wave (v) would reach 1.618 the length of minuette wave (i).
Minor wave B may not move beyond the start of minor wave A. This wave count is invalidated with movement below 18.215.
Minuette wave (iv) subdivides as a contracting triangle. Minuette wave (v) begins at 20.789.
I am expecting minuette wave (v) to be extended. Minuette waves (i) and (iii) are close to equality, with minuette wave (iii) 0.134 longer than minuette wave (i).
I have drawn a parallel channel about minute wave c using Elliott’s first technique. The first trend line is drawn from the ends of minuette waves (i) to (iii), then a parallel copy is placed upon the high of minuette wave (ii). This nearly perfectly shows where minuette wave (iv) ended.
I am expecting minuette wave (v) to most likely breach the lower edge of this channel.
Within minuette wave (v) subminuette wave ii may not move beyond the start of subminuette wave i. This wave count is invalidated with movement above 20.789.
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