Given the recent developments we've seen in the price action I've adjusted the labelings to match the unfolding reality.
The biggest change is that minor wave 4 was moved to the lows from today. This means that we've either just begun minor wave 5 or we still have a little ways to go in minor wave 4. The lower trend channel fits much nicer with this adjustment. Targets for wave 5 remain unchanged. I'm still anticipating it will terminate around the $7100-7250 level.
There are a few things I dislike about this count, including that wave 4 is nearly two times as long as wave 2 from a duration perspective. In addition, waves 2 and 4 don't alternate since they are both flats. Given that, I'll have my eye open for better fitting counts, but this seems to be the best count so far.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I am not a financial advisor. Be sure to do your own research.