I have adjusted my view and believe the wave 2 correction is still in progress.
Multiple patterns are all indicating a 0.786 retracement is likely.
We have the double top, the bear flag that has formed (blue lines), and the elliot wave count all telling us that the target low is likely to be around $7,200
Your count is awful. How can you call that an ABC? It's a textbook truncated 5th wave.
MonkeyMagic
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@faedicus, the content of your comment is good. I had considered a truncated 5th wave but dismissed it due to its rarity. Perhaps it does fit better after all, I may change my opinion on that.
The tone of your comment however is bad, and I certainly won't change my opinion of that.