looks like a solid candidate for a wave (( iii
)) of ( iii
) advance. The decline from Aug '14 to Feb '16 is a clear 5 wave impulse. The impulsive decline fits nicely as wave C of a larger A-B-C flat pattern. The recent price action making a couple higher highs and lower lows with the context of a completed larger corrective pattern suggests this is a 1-2 1-2 wave setup.
Risk: The alternate possibility is that the larger corrective pattern is just wave W of an even larger correction. The current 3-wave
raise is wave X and lower prices should be expected in wave Y.
As long as the 10.87 low holds, the bullish
count remains intact as the primary count.