SUMMARY
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This weekly chart of Ralph Lauren (RL) shows an extended wave 1 (blue) but amongst the five, is not the most extended. Note how wave 5 is stubby compared to 1 and 3. Regardless, a full impulse has been posted. RL has then taken a corrective pathway and the first wave down has been swift. Is the correction complete?
When inputting the rest of subwaves, the actionary waves are qualified. The red A is a five wave decline which thus strongly suggests a ZigZag ABC type. Price is currently in the midst of a red B wave bounce, as shown by the blue abc subwaves. Red C wave down could still be expected as shown. It should take five subwaves down to a price region lower than red A.
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