SUMMARY
Southwest (LUV) has been flying high (punt intended). The sequence of the higher degree of trend (white) has been such that white wave 3 has brought LUV to continuous all time new highs for since 2012! That's how a wave 3 works...it's the most extended of the 5, usually. Since subwaves of white wave 3 seem complete (blue), I believe white wave 4 could be next and might already have started.
The red ABC corrective sequence label shows that A could be complete. Given how oversold the MACD is also, the B wave bounce is due. White wave 4 could reach towards the bottom of blue wave 4 before an actual turn for white wave 5 which should also impulse as shown by the blue subwaves.
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