I am making a somewhat significant change to my wave count. I was counting the present triangle as though it were the "c" wave of the current wave-2 correction. Due to the law of alternation, I no longer think this right right. Because waves will alternate between simple and complex patterns, I am inclined now to reconsider my wave count and re-label it as a double three, with the bottom of the first downward moving wave as "1". This seven wave structure will terminate upon its seventh wave and wave "c" (blue) should follow numbers 1-7 and B (blue) upward into the area I have cordoned off with the noted price levels. The grey box is my target area and represents a close approximation of the next most likely upward Fibonacci relationship.
The red numbers, letters and trend line represent my old count, which I am comfortable at this time doing away with. This current sideways movement is not indicative of a "c" wave and is, at least in my mind, more likely a flat "b" which, according to Elliot's rules, is likely. An expansive upward "c" wave will follow.
Furthermore, it is likely that the duration of an upwards "c" wave would be swift and last for approximately six days in total.
Best,
W
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