SUMMARY
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Comcast (CMCSA) has not peaked on wave 5 yet. However, it is completing wave 3 as shown by the Elliott Wave pathway in the below chart. So, this means that the decline a healthy and necessary correction on the road to wave 5. Understand that wave 4 can't overlap with wave 1; this makes it so that wave 4's depth of retracement isn't as deep as wave 2s.
White wave 1 was an easy impulse followed by and extended wave 2 which patterned out a symmetrical triangle. It's subwaves were best labeled as wxy. The subwaves of white 3 show that it's complete. The blue waves also traveled within a channel (not shown). The rule of alternation is likely to play a role here. Since white 2 was a complex sequence; wave 4 is more likely to be a simple ABC. The MACD is currently oversold and needs a bounce relief. This should coincide with red wave B.
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