SUMMARY
VeChain placed a very nice impulse wave up as shown in the below chart by the white, circled waves. The most subjective part of Elliott Waves is to determine the right look of the impulse. The current label fits just about every right look on form/fit profile. Elliott Waves states that after five five waves up, there is a retracement that usually goes to the prior wave 4, if there wasn't an extended 5th. That is the case here and the abcde (red) looks quite ripe and done thus far with probably only wave E to go. The subwaves also fall snugly into place to confirm.
The alternate would likely extend the price and time to further sideways action. However the last Z wave would be a likely lower low but all waves would still be expected to be within the confines of the triangle contracting lines.
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