Starting with the weekly chart, we are still in the correction phase of the impulse we saw in January. We then drew the channel to set the boundaries.
Then moving to the we are able to find the established horizontal and trend support levels.
Moving to the 4hr chart, we then begin with and discover the extended WXY(X)Z and within that a few contracting leading diagonals (shown with purple converging lines)
The tricky part is actually misreading the contracting of A as a triangle which would imply it as X or a B-subwave. This is because when zoomed into it in the 4-hr chart, we see 5-3-5-3-5 subdivisions and NOT 3-3-3-3-3. The B-subwave comes right after A-subwave and this too could be
misread as being part of the triangle as it is too close.
The big green spike and series of red bars we see recently is part of the C-subwave of (X) which means that the 1st subwave of C-subwave is the longest
and this also has a lieklihood that this C-subwave will be a diagonal.
Logically we expect the Z to dip for a touch of the horizontal support.