SUMMARY
The below chart of British American Tobacco (BTI) shows a bit of an extended wave 1 but as long as wave 3 is not the shortest between waves 1,3 and 5; the Elliott Wave count is valid. I believe that wave 3 is complete and wave 4 correction migh also be placed too!
The subwaves of blue 3 place well and the red ABC subwaves of blue 4 was swift and very defined. The only reservation I have on this count is that these ABC could be subwaves to a higher degree of trend wave A. However, look how blue 2 was also swift and straight.
The MACD is deeply in the oversold territory (blue circle). It is very likely for this to turn and start have the price rise with vigor. It needs to be carefuly observed if the rise might be just a B wave bounce or a genuine trendreversal. The first would be overlapping three waves and the latter an impulse.
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