Isn't the labelling of wave 4 violating EW count guidelines in that Wave C should end lower than Wave A? Also, if we're indeed currently on a Wave 5, shouldn't this end higher than the top of Wave 3 (above $15)?
Another interpretation is that we're still in Wave B, which is subdividing a (where you've put A), b (where you've put B), c (where you've put 5). This would still explain the declining volume now and would suggest that we're about to top and start down Wave C, which will take prices below $8 in a few months.
Another interpretation is that we're still in Wave B, which is subdividing a (where you've put A), b (where you've put B), c (where you've put 5). This would still explain the declining volume now and would suggest that we're about to top and start down Wave C, which will take prices below $8 in a few months.
This is correct! A failed C-wave usually only happens in a wave-2 since eager bulls can't wait to get wave-3 under way. But then to be immediately followed by a failed (truncated) 5th just doesn't happen without serious fundamental changes.
