Here we have it: a perfect Elliott Wave in all it's glory. This view helps to get a bigger picture of where we are in the current trend. Targets are estimates only, as waves can get severly compressed and stretched both in time and price.
We'll be able to draw price target zone for wave V only after c of IV is concluded. I'll update the chart when this happens.
One alternative to this is that a= wave 3 of a, b=wave 4 of a and therefore now we're in wave 5 of a. In this case we can expect a longer, simple zig-zag correction. Time will verify.