Most likely scenario since we already have wave 1 and 2 and also wave 1 of 3 and 2 of 3 (sort of invalidated/rarified the 423% target. 161.8% is also not too probable now but definitely a considerable scenario.
current most likely scenario:
we are in wave 4 which retraced 61.8% of wave 3 (to around 9200). and now we are forming the C wave of a flat triangle.
C wave of triangle = 61.8% of A and (E wave = 61.8% of C, D = 61.8% of B).
Enjoy the ranging, cheers!
5th wave was an ending diagonal.
5th of 5th wave was an ending diagonal.
5th of 5th of 5th wave was an ending diagonal.
all of these waves broke their respective channels to make a swift move up with high volume.
If you have read the holy bible of elliott waves, you would know that Elliott wave guidelines suggest that you:
1. draw a straight line from end of wave 1 to end of wave 3
2. draw a parallel line from the end of wave 2 (parallel to the line we made in 1.)
3.if end of wave 4 is not on this line, adjust projection for wave 5 by drawing a parallel line to the line...
Lol this should be a local top right around here. then we should continue down.
This chart has high chances of looking disastrously bad as well but whatever
PS, also we made an ending diagonal on 5 min chart. comment below if you wanna see that count.