SUMMARY
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Based on this weekly chart of Time Warner (TWR), its price might need a bit of rest. After a near vertical ascent through five waves (blue); a classic ABC flat correction was executed. Since the red C wave bottom, TWR price impulsed once again and based on the Elliott Wave count, the five impulse sequence coudl be complete.
The subwaves qualify the higher degree of trend waves. Since Elliott Waves states that after five waves, there is a requisite three wave retracement. This potential is shown as a red ABC wave sequence. The C wave should retrace to the 0.618 Fib level.
From a pattern perspective, the Cup & Handle seems to well fit. The ABC correction would coincide with the handle formation. I believe there is a broader market correction that might be approaching.
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