There was a break of the structure thus changing the character of the market from a bearish trend to a bullish one, and we can see the initial impulse move and the corrective wave, a break from the channel,l and a retracement into the OB.
Classic Impulse & corrective move after. The market had a strong bull run for some days, followed by a retracement that showed an ABC corrective pattern according to the Elliott wave theory.
Here I was able to label the start of a 5 wave structure (1,2,3,4,5), the 5th wave is currently being formed (which is an ending diagonal and it isn't complete yet but I've labeled it as well. In this 5th wave which is an ending diagonal, I've also used the smart money concept to identify a distribution pattern which is in play, the break of structure which shows...
