From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan
https://www.tradingview.com/x/3h0MJ3jI/AFAIK between WXY and triangle (which is Z) formation should be one more X giving us W-X-Y-X-Z.
Label it differently with A as the $418 high (14 Oct), B as the $318 low (2nd Nov) followed by W-X- Y, with the triangle being the Y . W = 454, X = 342, Y = 377.5 at end of the triangle.
That would complete IV and see us in V of (C) now
DanV seems to have his own unique system of labelling I am told !
I suggested it here, but got no feedback ...
Figure 20 flipped over (as this could all be an upwards correction in a downtrend) seems like a possiblilty here, a triple 3 off $275 ending in a triangle for Y (end of IV), and a break to the downside on completion, the start of Wave V
http://www.elliottwave.net/educational/basictenets/basics3.htmAny thoughts Ellioticians ??
I had a PM chat with someone I respect, who confirmed that it was entirely valid
EDIT: corrected labelling
