One possibility for Elliott Wave structure. Here, we have an expanding leading diagonal type structure which is part of a larger 1st or A wave with a 5th wave truncation. There is then what appears to be a large (still in progress) double zig-zag that may retrace most or all of the run up from late 2015/early 2016 bottom. Typically diagonals do have deep retracements, and so this may be reasonable. X wave in the double zig-zag appears to be a running triangle. Nice thing about this wave structure is we will tell very shortly whether it breaks down (potentially confirming this wave structure) or breaks up (negating it). It is only necessary for Y to break below W, not necessarily for it to break below B wave of running triangle. However, I suspect it will drop as low or lower before completion of Y. Assuming this analysis is reasonably correct, long entry could be at what looks like completion of Y with a stop at the late 2015 low, minimizing risk.
Comment:
(ii) (labeled 2 here) may still be underway, if this structure turns out to be accurate. If the triangle immediately breaks down, I will leave the labeling alone. We should see E wave high of triangle remain intact and must see C wave high remain.