I am not familiar with the Elliot Wave Theory, but I observe this 5-waves impulse pattern. These 5-waves can be subdivided into additional 5-3 fractal patterns with some connivance. In the last two days, the increasing of trading volume and William's VIX indicator was observed together with bullish momentum weakening. If RSI bearish divergence is also taken into account, correction downtrend 3-waves would be expected. In larger measures, the new question arises: Can be point 5 (local ATH shown on the graph) beginning of 5-waves impulse pattern in a dormant downtrend?
Please keep in mind, it's not the suggestion, just observation. Any comments are warmly welcome.
The 1st wave can’t be the longest wave so your count is off
Kovinko
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@BKro23, Thank you for your comment and I appreciate it. Yes, I partially agree with you. A few pieces of literature and references talk about it. However, also many of them don't mention this rule directly or explicitly. Therefore in my humble opinion, this rule can be considered as a postulate, no obligation.