Thank you for the positive feedback. This chart can definitely be labelled in an alternate fashion, but I suppose the main goal was to align our positions to the short side with a reasonably tight stop. Hope you made a few bucks on this one too!
Seems like a reasonable count with one exception:
The last w-x-y is probably another 1-2 as I think,
but, I'd need to research, a valid w-x-y requires that
y be higher/lower than w.
Perhaps you are more knowledgeable and can confirm
one way or another.
Thanks for your thoughts !!!